Apnimed, Inc. (NASDAQ:APMD) Stock Short Interest Jumps 100.6%

Apnimed, Inc. (NASDAQ:APMD) was the target of a large increase in short interest in September. As of September 30th, there was short interest totaling 1,764,739 shares, an increase of 100.6% from the September 15th total of 879,684 shares. Based on an average daily volume of 843,078 shares, the short-interest ratio is presently 2.1 days. Currently, 4.2% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on APMD. Cantor Fitzgerald began coverage on shares of Apnimed in a report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 price target on the stock. Bank of America initiated coverage on shares of Apnimed in a research report on Tuesday, August 25th. They set a “buy” rating and a $41.00 price target on the stock. Evercore initiated coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued an “outperform” rating for the company. Zacks Research upgraded shares of Apnimed to a “hold” rating in a research report on Wednesday, August 26th. Finally, Wall Street Zen raised shares of Apnimed to a “hold” rating in a research note on Saturday, August 8th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.33.

Insider Activity at Apnimed

In other news, major shareholder Morningside Venture Investment acquired 312,500 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were acquired at an average price of $16.00 per share, with a total value of $5,000,000.00. Following the purchase, the insider directly owned 7,152,713 shares of the company’s stock, valued at $114,443,408. This trade represents a 4.57% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Apnimed Stock Performance

Shares of NASDAQ:APMD opened at $18.25 on Friday. Apnimed has a 1 year low of $16.12 and a 1 year high of $35.29. The company’s 50 day simple moving average is $25.31.

Apnimed (NASDAQ:APMD) 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 during the quarter. Sell-side analysts expect that Apnimed will post -0.24 EPS for the current fiscal year.

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.