Apnimed (NASDAQ:APMD) Stock Price Down 6.6% – Here’s Why

Apnimed, Inc. (NASDAQ:APMD) shares dropped 6.6% during trading on Thursday . The company traded as low as $29.25 and last traded at $29.92. Approximately 171,197 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 381,297 shares. The stock had previously closed at $32.03.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Apnimed to a “hold” rating in a research note on Saturday, August 8th.

Apnimed Price Performance

Insider Buying and Selling

In related news, major shareholder Morningside Venture Investment bought 312,500 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were purchased at an average cost 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 in the company, valued at approximately $114,443,408. The trade was a 4.57% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Apnimed Company Profile

Apnimed Inc is a late stage clinical pharmaceutical company dedicated to the discovery, development and commercialization of novel oral therapies which address the neurobiology of sleep-related breathing diseases. Apnimed Inc is based in CAMBRIDGE, Mass.