Piper Sandler Downgrades OptiNose (NASDAQ:OPTN) to Hold

OptiNose (NASDAQ:OPTN) was downgraded by Piper Sandler from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other equities research analysts have also issued reports on the company. HC Wainwright reaffirmed a “neutral” rating and set a $9.00 target price (down from $18.00) on shares of OptiNose in a research report on Friday. Lake Street Capital lowered OptiNose from a “buy” rating to a “hold” rating and decreased their target price for the company from $17.00 to $9.00 in a research report on Thursday.

OptiNose Stock Performance

NASDAQ OPTN opened at $9.15 on Thursday. The firm has a market capitalization of $92.05 million, a P/E ratio of -2.18 and a beta of -0.30. The business has a fifty day simple moving average of $5.96 and a 200 day simple moving average of $8.17. OptiNose has a 12 month low of $4.82 and a 12 month high of $25.20.

Insider Activity

In other news, CEO Ramy A. Mahmoud sold 6,376 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $5.29, for a total transaction of $33,729.04. Following the completion of the sale, the chief executive officer now directly owns 126,931 shares of the company’s stock, valued at $671,464.99. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 8,213 shares of company stock valued at $43,643 in the last ninety days. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On OptiNose

Several large investors have recently added to or reduced their stakes in OPTN. GSA Capital Partners LLP purchased a new stake in OptiNose in the 3rd quarter worth about $61,000. State Street Corp increased its holdings in OptiNose by 14.2% in the 3rd quarter. State Street Corp now owns 341,303 shares of the company’s stock worth $229,000 after acquiring an additional 42,500 shares during the last quarter. Geode Capital Management LLC increased its holdings in OptiNose by 33.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,298,333 shares of the company’s stock worth $870,000 after acquiring an additional 326,918 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in OptiNose by 5.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,075,638 shares of the company’s stock worth $2,061,000 after acquiring an additional 155,329 shares during the last quarter. Finally, Acorn Capital Advisors LLC purchased a new stake in OptiNose in the 4th quarter worth about $2,824,000. Hedge funds and other institutional investors own 85.60% of the company’s stock.

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.