Apnimed, Inc. (NASDAQ:APMD – Get Free Report) was the target of a large growth in short interest in September. As of September 15th, there was short interest totaling 879,684 shares, a growth of 55.7% from the August 31st total of 564,832 shares. Based on an average daily trading volume, of 271,298 shares, the days-to-cover ratio is presently 3.2 days. Currently, 2.1% of the company’s stock are sold short.
Insider Activity
In other news, major shareholder Morningside Venture Investment purchased 312,500 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were purchased at an average price of $16.00 per share, for a total transaction 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. This represents a 4.57% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.
Apnimed Stock Down 4.6%
APMD stock opened at $21.51 on Friday. Apnimed has a one year low of $16.12 and a one year high of $35.29. The firm’s 50-day moving average price is $26.70.
Analysts Set New Price Targets
Several brokerages have recently weighed in on APMD. Evercore began coverage on shares of Apnimed in a research report on Tuesday, August 25th. They issued an “outperform” rating for the company. Cantor Fitzgerald began coverage on Apnimed in a report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 target price for the company. Wall Street Zen raised Apnimed to a “hold” rating in a research report on Saturday, August 8th. Bank of America began coverage on Apnimed in a report on Tuesday, August 25th. They issued a “buy” rating and a $41.00 price target on the stock. Finally, Zacks Research raised Apnimed to a “hold” rating in a research report on Wednesday, August 26th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.33.
Read Our Latest Stock Analysis on APMD
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.
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