Apnimed (NASDAQ:APMD) Shares Gap Up - Here's What Happened

Key Points

• Apnimed shares opened higher, rising from a prior close of $18.53 to $19.14 and last trading at $19.46 on volume of 13,372 shares.
• Analyst sentiment is broadly positive: four analysts rate the stock Buy, one rates it Hold, and the average price target is $50.33, with individual targets ranging from $41 to $60.
• Major shareholder Morningside Venture Investment purchased 312,500 shares for $5 million, increasing its stake by 4.57%; Apnimed reported quarterly EPS of $0.51 on $12.08 million in revenue.

Apnimed, Inc. (NASDAQ:APMD - Get Free Report)'s stock price gapped up prior to trading on Monday. The stock had previously closed at $18.53, but opened at $19.14. Apnimed shares last traded at $19.46, with a volume of 13,372 shares.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Zacks Research upgraded Apnimed to a "hold" rating in a research report on Wednesday, August 26th. Cantor Fitzgerald began coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued an "overweight" rating and a $60.00 price target on the stock. Lifesci Capital began coverage on Apnimed in a research report on Tuesday, August 25th. They set an "outperform" rating and a $50.00 price target on the stock. Bank of America assumed coverage on Apnimed in a research note on Tuesday, August 25th. They set a "buy" rating and a $41.00 price objective for the company. Finally, Wall Street Zen raised Apnimed to a "hold" rating in a report on Saturday, August 8th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $50.33.

Apnimed Stock Performance

The stock has a market cap of $791.39 million and a P/E ratio of 7.23. The business's fifty day simple moving average is $24.15.

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

Insider Buying and Selling at Apnimed

In other news, major shareholder Morningside Venture Investment bought 312,500 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were purchased 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 owned 7,152,713 shares of the company's stock, valued at approximately $114,443,408. This represents a 4.57% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

About Apnimed

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.

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