OptiNose (NASDAQ:OPTN) Stock Price Down 6.1% – Here’s What Happened

OptiNose, Inc. (NASDAQ:OPTN) shares were down 6.1% during mid-day trading on Thursday . The company traded as low as $6.09 and last traded at $6.27. Approximately 36,397 shares traded hands during trading, a decline of 31% from the average daily volume of 52,619 shares. The stock had previously closed at $6.68.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Piper Sandler cut their price target on OptiNose from $45.00 to $15.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. HC Wainwright raised their target price on shares of OptiNose from $5.00 to $18.00 and gave the company a “buy” rating in a research report on Friday.

OptiNose Trading Down 3.0 %

The firm has a market cap of $980.39 million, a P/E ratio of -23.21 and a beta of -0.16. The firm has a 50-day simple moving average of $7.81 and a 200-day simple moving average of $11.86.

Hedge Funds Weigh In On OptiNose

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA boosted its stake in OptiNose by 2.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,920,309 shares of the company’s stock valued at $3,037,000 after acquiring an additional 81,233 shares in the last quarter. XTX Topco Ltd purchased a new position in OptiNose during the 2nd quarter worth $88,000. Great Point Partners LLC increased its position in OptiNose by 56.2% during the 2nd quarter. Great Point Partners LLC now owns 13,727,097 shares of the company’s stock valued at $14,276,000 after buying an additional 4,940,779 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in OptiNose by 173.7% in the second quarter. Squarepoint Ops LLC now owns 171,610 shares of the company’s stock worth $178,000 after acquiring an additional 108,903 shares in the last quarter. Finally, Nantahala Capital Management LLC grew its stake in shares of OptiNose by 442.3% during the second quarter. Nantahala Capital Management LLC now owns 13,418,740 shares of the company’s stock worth $14,425,000 after acquiring an additional 10,944,444 shares during the last quarter. Hedge funds and other institutional investors own 85.60% of the company’s stock.

OptiNose Company Profile

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.