Piper Sandler Cuts OptiNose (NASDAQ:OPTN) Price Target to $1.00

OptiNose (NASDAQ:OPTN) had its price target lowered by Piper Sandler from $3.00 to $1.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target on shares of OptiNose in a report on Wednesday.

OptiNose Price Performance

Shares of OPTN stock opened at $0.44 on Wednesday. OptiNose has a one year low of $0.41 and a one year high of $2.10. The company has a fifty day moving average price of $0.74 and a two-hundred day moving average price of $0.95. The stock has a market cap of $65.61 million, a P/E ratio of -1.55 and a beta of -0.07.

Institutional Investors Weigh In On OptiNose

Hedge funds and other institutional investors have recently made changes to their positions in the business. Stonepine Capital Management LLC bought a new position in OptiNose during the 2nd quarter worth $2,444,000. Great Point Partners LLC increased its position in shares of OptiNose by 56.2% in the second quarter. Great Point Partners LLC now owns 13,727,097 shares of the company’s stock worth $14,276,000 after purchasing an additional 4,940,779 shares during the period. XTX Topco Ltd acquired a new position in OptiNose in the second quarter valued at about $88,000. Squarepoint Ops LLC lifted its position in OptiNose by 173.7% during the second quarter. Squarepoint Ops LLC now owns 171,610 shares of the company’s stock worth $178,000 after purchasing an additional 108,903 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in OptiNose by 2.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,920,309 shares of the company’s stock worth $3,037,000 after buying an additional 81,233 shares in the last quarter. 85.60% of the stock is currently owned by institutional investors and hedge funds.

About OptiNose

OptiNose, Inc, a specialty pharmaceutical company, focuses on the development and commercialization of products for patients treated by ear, nose, throat, and allergy specialists in the United States. The company offers XHANCE, a therapeutic product utilizing its proprietary exhalation delivery system (EDS) that delivers a topically acting corticosteroid for the treatment of chronic rhinosinusitis with nasal polyps, as well as is in Phase IIIb clinical trial for treatment of chronic sinusitis; and Onzetra Xsail, a powder EDS device.