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Shares of Apnimed rose 8% Tuesday after BofA Securities initiated coverage of the company with a Buy rating and a $41 price target. The rating is based on a risk-adjusted discounted cash flow analysis of Oxnimbi (AD109), Apnimed's sole asset and an oral therapy for obstructive sleep apnea (OSA).

The Nasdaq debut of Apnimed (NASDAQ:APMD) has given public investors their first pure-play bet on a pill for obstructive sleep apnea (OSA).

CAMBRIDGE, Mass., Aug. 03, 2026 (GLOBE NEWSWIRE) -- Apnimed, Inc. (Nasdaq: APMD) (“Apnimed”), a late stage clinical pharmaceutical company dedicated to the discovery, development and commercialization of novel oral therapies that address the neurobiology of sleep-related breathing diseases, today announced the closing of its upsized initial public offering of an aggregate of 13,800,000 shares of its common stock,…

Late-stage drug developer Apnimed is targeting a valuation of up to $608 million in its initial ​public offering in the United States.

Apnimed, Inc. is pursuing an IPO to fund regulatory approval and initial commercialization of its lead OSA drug, Oxnimbi (AD109). AD109 has shown strong efficacy in Phase 3 trials and an FDA decision is expected within a year, assuming no delays. APMD recently monetized its Shionogi JV interest, sharpening focus on regulatory and commercial execution for its sole product.