Apnimed (NASDAQ:APMD) Stock Falls 5.7% - Should You Sell?

Key Points

• Apnimed shares fell 5.7% to $16.75, with trading volume 58% below the average session volume. The stock is also well below its 50-day moving average of $25.12.
• Analyst sentiment remains favorable, with four Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $50.33.
• Apnimed reported quarterly EPS of $0.51 on $12.08 million in revenue, while major shareholder Morningside Venture Investment bought 312,500 shares for $5 million. The clinical-stage company is developing AD109, an oral treatment for obstructive sleep apnea.

Apnimed, Inc. (NASDAQ:APMD - Get Free Report)'s stock price traded down 5.7% on Monday. The stock traded as low as $16.75 and last traded at $16.75. 201,343 shares were traded during trading, a decline of 58% from the average session volume of 474,519 shares. The stock had previously closed at $17.76.

Analyst Ratings Changes

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

Apnimed Price Performance

The stock's 50 day simple moving average is $25.12. The firm has a market cap of $697.30 million and a P/E ratio of 6.37.

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 company had revenue of $12.08 million for the quarter. On average, analysts forecast that Apnimed, Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Activity at Apnimed

In related news, major shareholder Morningside Venture Investment purchased 312,500 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was purchased at an average cost of $16.00 per share, with a total value of $5,000,000.00. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

About Apnimed

Apnimed is a clinical-stage pharmaceutical company focused on developing oral medicines for sleep apnea, a common sleep-related breathing disorder. The company aims to provide alternatives to mechanical treatments such as continuous positive airway pressure (CPAP) devices.

Apnimed's leading investigational product is AD109, an oral combination of atomoxetine and aroxybutynin being developed for the treatment of obstructive sleep apnea. The therapy is designed to improve upper-airway muscle activity during sleep and is being evaluated in clinical studies.

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