Apnimed (NASDAQ:APMD) Shares Down 5% - Here's Why

Key Points

• Apnimed shares fell 5% to $18.52, with trading volume down 84% from the average session volume.
• Analyst views are mixed: four rate the stock a Buy, one says Hold, and one says Sell. The consensus rating is “Moderate Buy,” with an average price target of $50.33, including targets of $50 and $60 from two firms.
• Apnimed 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 dropped 5% during trading on Wednesday. The company traded as low as $17.93 and last traded at $18.52. Approximately 69,971 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 449,008 shares. The stock had previously closed at $19.49.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on APMD shares. Cantor Fitzgerald initiated coverage on Apnimed in a research note on Tuesday, August 25th. They set an "overweight" rating and a $60.00 price target on the stock. Evercore assumed coverage on Apnimed in a research report on Tuesday, August 25th. They set an "outperform" rating for the company. Lifesci Capital assumed coverage on shares of Apnimed in a research report on Tuesday, August 25th. They issued an "outperform" rating and a $50.00 price target on the stock. Weiss Ratings started coverage on shares of Apnimed in a research note on Tuesday. They set a "sell (e-)" rating on the stock. Finally, Wall Street Zen upgraded shares of Apnimed to a "hold" rating in a report on Saturday, August 8th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $50.33.

Apnimed Price Performance

The stock has a fifty day moving average of $23.72. The company has a market cap of $795.98 million and a PE ratio of 7.27.

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

Insider Activity at Apnimed

In other news, major shareholder Morningside Venture Investment acquired 312,500 shares of the firm's stock in a transaction that occurred 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 completion of the acquisition, the insider owned 7,152,713 shares in the company, valued at $114,443,408. This represents a 4.57% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Apnimed Company Profile

Apnimed Inc is a clinical-stage pharmaceutical company focused on developing medicines for sleep-related breathing disorders, particularly obstructive sleep apnea (OSA). The company is developing oral therapies intended to address the underlying physiological causes of OSA rather than relying solely on mechanical devices such as continuous positive airway pressure machines.

Apnimed's lead program is AD109, an investigational once-daily oral therapy designed to improve upper-airway muscle activity during sleep.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.