Apnimed (NASDAQ:APMD) Trading 7.7% Higher - Should You Buy?

Key Points

• Apnimed shares rose 7.7% to $27.52 on Wednesday, although trading volume was 53% below the stock’s average daily volume.
• Analysts are broadly bullish, with four Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $50.33; recent targets range from $41 to $60.
• The clinical-stage pharmaceutical company reported quarterly revenue of $12.08 million and EPS of $0.51. Major shareholder Morningside Venture Investment also bought 312,500 shares for $5 million, increasing its stake by 4.57%.

Apnimed, Inc. (NASDAQ:APMD - Get Free Report) rose 7.7% on Wednesday . The company traded as high as $27.52 and last traded at $27.52. Approximately 165,956 shares were traded during trading, a decline of 53% from the average daily volume of 349,963 shares. The stock had previously closed at $25.56.

Analysts Set New Price Targets

A number of brokerages have commented on APMD. Lifesci Capital assumed coverage on shares of 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 report on Tuesday, August 25th. They issued a "buy" rating and a $41.00 price objective for the company. Cantor Fitzgerald started coverage on Apnimed in a research note on Tuesday, August 25th. They issued an "overweight" rating and a $60.00 price objective on the stock. Evercore started coverage on Apnimed in a research report on Tuesday, August 25th. They set an "outperform" rating on the stock. Finally, Wall Street Zen raised Apnimed to a "hold" rating in a research note on Saturday, August 8th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $50.33.

Apnimed Stock Up 8.0%

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

Insider Buying and Selling

In other news, major shareholder Morningside Venture Investment acquired 312,500 shares of Apnimed stock in a transaction on Monday, August 3rd. The stock was purchased at an average price of $16.00 per share, with a total value 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. The trade was a 4.57% increase in their position. The purchase 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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