Apnimed’s (NASDAQ:APMD – Get Free Report) quiet period is set to end on Wednesday, September 9th. Apnimed had issued 12,000,000 shares in its public offering on July 31st. The total size of the offering was $192,000,000 based on an initial share price of $16.00. During the company’s quiet period, insiders and underwriters involved in the IPO are restricted from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Apnimed to a “hold” rating in a research note on Saturday, August 8th. Evercore assumed coverage on shares of Apnimed in a report on Tuesday, August 25th. They set an “outperform” rating on the stock. Zacks Research upgraded shares of Apnimed to a “hold” rating in a research note on Wednesday, August 26th. Cantor Fitzgerald started coverage on shares of Apnimed in a research report on Tuesday, August 25th. They issued an “overweight” rating and a $60.00 price objective for the company. Finally, Bank of America began coverage on shares of Apnimed in a research note on Tuesday, August 25th. They set a “buy” rating and a $41.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.33.
Get Our Latest Report on Apnimed
Apnimed Stock Down 1.3%
Insider Activity
In other news, major shareholder Morningside Venture Investment acquired 312,500 shares of Apnimed stock in a transaction dated Monday, August 3rd. The stock was bought at an average price of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
About Apnimed
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.
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