Apnimed, Inc. (NASDAQ:APMD) Shares Shorted: Short Interest Up 55.7% in September

Apnimed, Inc. (NASDAQ:APMD) was the recipient of a significant growth in short interest in the month of 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 short-interest ratio is presently 3.2 days. Approximately 2.1% of the company’s shares are sold short.

Insider Activity

In related news, major shareholder Morningside Venture Investment acquired 312,500 shares of Apnimed stock in a transaction on Monday, August 3rd. The shares were acquired at an average cost of $16.00 per share, with a total value of $5,000,000.00. Following the transaction, the insider owned 7,152,713 shares in the company, valued at $114,443,408. This trade represents a 4.57% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Apnimed Stock Up 2.9%

APMD opened at $22.54 on Friday. The stock has a 50-day moving average of $26.82. Apnimed has a 1 year low of $16.12 and a 1 year high of $35.29.

Apnimed (NASDAQ:APMD) last announced its quarterly earnings data on Tuesday, September 8th. The company reported $0.51 EPS for the quarter. The firm had revenue of $12.08 million for the quarter. Sell-side analysts forecast that Apnimed will post -0.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

APMD has been the subject of several research reports. Bank of America initiated 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. Evercore began coverage on shares of Apnimed in a research note on Tuesday, August 25th. They set an “outperform” rating on the stock. Lifesci Capital assumed coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued an “outperform” rating and a $50.00 price objective on the stock. Cantor Fitzgerald started coverage on shares of Apnimed in a report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 target price for the company. Finally, Wall Street Zen raised Apnimed to a “hold” rating in a research report on Saturday, August 8th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.33.

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.