OptiNose (NASDAQ:OPTN) Shares Down 6.1% – Time to Sell?

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on OPTN. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price objective on shares of OptiNose in a research report on Wednesday, November 13th. Piper Sandler reduced their price target on shares of OptiNose from $45.00 to $15.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 13th.

OptiNose Stock Down 1.2 %

The company has a 50 day simple moving average of $8.01 and a 200 day simple moving average of $11.97. The stock has a market cap of $995.47 million, a price-to-earnings ratio of -23.57 and a beta of -0.16.

Institutional Trading of OptiNose

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its position in OptiNose by 2.9% during the 2nd 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 during the period. XTX Topco Ltd bought a new stake in shares of OptiNose in the second quarter worth $88,000. Great Point Partners LLC raised 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 worth $14,276,000 after purchasing an additional 4,940,779 shares during the last quarter. Squarepoint Ops LLC grew its position in shares of OptiNose by 173.7% in the 2nd quarter. Squarepoint Ops LLC now owns 171,610 shares of the company’s stock valued at $178,000 after buying an additional 108,903 shares during the last quarter. Finally, Nantahala Capital Management LLC raised its holdings in OptiNose by 442.3% during the 2nd quarter. Nantahala Capital Management LLC now owns 13,418,740 shares of the company’s stock worth $14,425,000 after purchasing an additional 10,944,444 shares during the last quarter. 85.60% of the stock is currently owned by institutional investors.

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.