Apnimed, Inc. (NASDAQ:APMD) Stock Short Interest Jumps 55.7%

Key Points

• Apnimed’s short interest surged 55.7% to 879,684 shares as of September 15, representing about 2.1% of shares outstanding and 3.2 days to cover.
• Analysts remain broadly optimistic, with four Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and an average price target of $50.33.
• The stock opened at $21.91, down 8.3%, while Apnimed reported quarterly revenue of $12.08 million and earnings of $0.51 per share. Major shareholder Morningside Venture Investment also purchased 312,500 shares for $5 million.

Apnimed, Inc. (NASDAQ:APMD - Get Free Report) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 879,684 shares, an increase of 55.7% from the August 31st total of 564,832 shares. Approximately 2.1% of the company's shares are sold short. Based on an average daily volume of 271,298 shares, the days-to-cover ratio is presently 3.2 days.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on APMD. Cantor Fitzgerald started coverage on Apnimed in a report on Tuesday, August 25th. They issued an "overweight" rating and a $60.00 price objective on the stock. Bank of America started coverage on Apnimed in a research note on Tuesday, August 25th. They set a "buy" rating and a $41.00 target price on the stock. Wall Street Zen upgraded Apnimed to a "hold" rating in a report on Saturday, August 8th. Evercore initiated coverage on Apnimed in a research report on Tuesday, August 25th. They issued an "outperform" rating for the company. Finally, Zacks Research upgraded shares of Apnimed to a "hold" rating in a research note on Wednesday, August 26th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Apnimed presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.33.

Apnimed Stock Down 8.3%

NASDAQ:APMD opened at $21.91 on Thursday. Apnimed has a 12-month low of $16.12 and a 12-month high of $35.29. The company has a fifty day moving average of $26.92.

Apnimed (NASDAQ:APMD - Get Free Report) last issued its quarterly earnings results on Tuesday, September 8th. The company reported $0.51 earnings per share for the quarter. The company had revenue of $12.08 million for the quarter. Equities research analysts predict that Apnimed will post -0.24 earnings per share for the current year.

Insider Transactions at Apnimed

In other news, major shareholder Morningside Venture Investment purchased 312,500 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were bought at an average cost of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of the purchase, the insider directly owned 7,152,713 shares of the company's stock, valued at approximately $114,443,408. This trade represents a 4.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

About Apnimed

Apnimed Inc is a clinical-stage pharmaceutical company focused on developing oral medicines for sleep apnea. The company is working to provide pharmacologic alternatives to device-based treatments for patients with obstructive sleep apnea, a condition involving repeated interruptions in breathing during sleep.

Apnimed's lead candidate is AD109, an investigational once-daily combination of atomoxetine and aroxybutynine. The therapy is designed to improve the activity of muscles that help keep the upper airway open during sleep.

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