Apnimed (NASDAQ:APMD) Shares Climb 6.1% - Time to Buy?

Key Points

• Apnimed shares rose 6.1% to $22.99 in midday trading, although volume was 78% below the average session level.
• Analysts maintain a generally positive outlook, with four Buy ratings and one Hold rating producing a consensus “Moderate Buy” recommendation and an average price target of $50.33.
• The clinical-stage pharmaceutical company reported quarterly EPS of $0.51 and revenue of $12.08 million, while major shareholder Morningside Venture Investment purchased 312,500 shares for $5 million.

Apnimed, Inc. (NASDAQ:APMD - Get Free Report)'s share price rose 6.1% during mid-day trading on Tuesday. The stock traded as high as $23.57 and last traded at $22.99. Approximately 101,944 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 467,593 shares. The stock had previously closed at $21.67.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on APMD shares. Lifesci Capital initiated coverage on shares of Apnimed in a report on Tuesday, August 25th. They set an "outperform" rating and a $50.00 price target on the stock. Zacks Research upgraded shares of Apnimed to a "hold" rating in a report on Wednesday, August 26th. Wall Street Zen raised Apnimed to a "hold" rating in a research report on Saturday, August 8th. 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. Finally, Evercore began coverage on Apnimed in a research note on Tuesday, August 25th. They issued an "outperform" rating for the company. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $50.33.

Apnimed Trading Up 8.8%

The business has a 50-day moving average of $27.11.

Apnimed (NASDAQ:APMD - Get Free Report) last released its quarterly earnings results on Tuesday, September 8th. The company reported $0.51 earnings per share (EPS) for the quarter. The firm had revenue of $12.08 million during the quarter. Equities analysts predict that Apnimed, Inc. 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 business's stock in a transaction on Monday, August 3rd. The stock was acquired at an average cost of $16.00 per share, for a total transaction of $5,000,000.00. Following the purchase, the insider directly owned 7,152,713 shares in the company, valued at $114,443,408. This trade represents a 4.57% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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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