Apnimed (NASDAQ:APMD) Stock Price Down 6.2% – Should You Sell?

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Lifesci Capital initiated coverage on shares of Apnimed in a research note on Tuesday, August 25th. They set an “outperform” rating and a $50.00 price objective on the stock. Cantor Fitzgerald assumed coverage on shares of Apnimed in a research report on Tuesday, August 25th. They issued an “overweight” rating and a $60.00 target price for the company. Zacks Research raised shares of Apnimed to a “hold” rating in a research note on Wednesday, August 26th. Evercore assumed coverage on shares of Apnimed in a research report on Tuesday, August 25th. They set an “outperform” rating on the stock. Finally, Bank of America assumed coverage on shares of Apnimed in a research note on Tuesday, August 25th. They issued a “buy” rating and a $41.00 price target for the company. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.33.

Apnimed Price Performance

Apnimed (NASDAQ:APMD) last announced its quarterly earnings data on Tuesday, September 8th. The company reported $0.51 earnings per share (EPS) for the quarter. The business had revenue of $12.08 million during the quarter. As a group, equities analysts expect that Apnimed, Inc. will post -0.24 earnings per share for the current year.

Insider Transactions at Apnimed

In related news, major shareholder Morningside Venture Investment purchased 312,500 shares of the stock in a transaction dated Monday, August 3rd. The shares were acquired at an average cost of $16.00 per share, for a total transaction of $5,000,000.00. Following the acquisition, the insider directly 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 the SEC website.

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.