Apnimed (NASDAQ:APMD) Stock Price Down 5.7% – Should You Sell?

Apnimed, Inc. (NASDAQ:APMD)’s share price traded down 5.7% during trading on Monday. The stock traded as low as $16.75 and last traded at $16.75. 201,343 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 474,519 shares. The stock had previously closed at $17.76.

Analysts Set New Price Targets

APMD has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Apnimed to a “hold” rating in a research note on Saturday, August 8th. Cantor Fitzgerald started coverage on shares of Apnimed in a research report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 target price on the stock. Zacks Research upgraded shares of Apnimed to a “hold” rating in a research note on Wednesday, August 26th. Evercore initiated coverage on shares of Apnimed in a research note on Tuesday, August 25th. They set an “outperform” rating on the stock. Finally, Lifesci Capital began coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued an “outperform” rating and a $50.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

Apnimed Price Performance

The business has a 50-day moving average price of $24.77.

Apnimed (NASDAQ:APMD) last issued its quarterly earnings data 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. On average, research analysts predict that Apnimed, Inc. will post -0.24 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Morningside Venture Investment purchased 312,500 shares of Apnimed stock in a transaction that occurred on Monday, August 3rd. The stock was bought at an average cost of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of the transaction, the insider owned 7,152,713 shares in the company, valued at $114,443,408. The trade was a 4.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Apnimed Company Profile

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.