Apnimed (NASDAQ:APMD) Stock Price Down 6.2% - What's Next?

Key Points

• Apnimed shares fell 6.2% to $27.20 in light trading, with volume down 93% from the average session.
• Analysts remain generally bullish, with four Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $50.33.
• Major shareholder Morningside Venture Investment bought 312,500 shares for $5 million, increasing its position by 4.57%; Apnimed is developing oral treatments for obstructive sleep apnea, led by its investigational drug AD109.

Apnimed, Inc. (NASDAQ:APMD - Get Free Report) shares fell 6.2% during trading on Monday . The company traded as low as $27.20 and last traded at $27.20. 29,193 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 433,293 shares. The stock had previously closed at $29.00.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on APMD shares. Wall Street Zen upgraded Apnimed to a "hold" rating in a report on Saturday, August 8th. Zacks Research upgraded shares of Apnimed to a "hold" rating in a report on Wednesday, August 26th. Lifesci Capital started coverage on shares of Apnimed in a research report on Tuesday, August 25th. They set an "outperform" rating and a $50.00 price target for the company. Evercore started coverage on Apnimed in a research note on Tuesday, August 25th. They set an "outperform" rating on the stock. Finally, Bank of America started coverage on Apnimed in a research note on Tuesday, August 25th. They issued a "buy" rating and a $41.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $50.33.

Apnimed Price Performance

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

Insider Buying and Selling at Apnimed

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