OptiNose , Inc. (NASDAQ:OPTN), a pharmaceutical company with impressive gross profit margins of 90%, recently reported that Michael F. Marino III, the company's Chief Legal Officer and Corporate Secretary, sold 3,050 shares of common stock. The shares were sold at $0.44 per share, amounting to $1,342, amid a significant 60% decline in stock price over the past six months. Following this sale, Marino's direct ownership stands at 544,188 shares. According to InvestingPro analysis, the stock appears undervalued at its current market cap of $63.8M.
The transaction was carried out to cover tax withholding obligations related to the vesting of restricted share units. This sale was mandated by OptiNose's equity incentive plan and was not a discretionary trade by Marino. InvestingPro subscribers can access 10+ additional insights about OPTN, including detailed financial health scores and comprehensive Pro Research Reports, helping investors make more informed decisions about this pharmaceutical company.
In other recent news, OptiNose reported Q3 2024 earnings of $0.00 per share, missing analysts' forecasted loss of $0.05 per share. The company's revenue for the quarter stood at $20.4 million, falling short of the expected $23.0 million. This led to Piper Sandler downgrading the stock price target from $3 to $1 while maintaining an Overweight rating.
OptiNose also adjusted its 2024 sales forecast for its nasal spray treatment, Xhance, to a range of $75 million to $79 million, a decrease from the initial forecast of $85 million to $90 million. Despite this adjustment, Piper Sandler's analysis suggests a strategic exit could be beneficial for OptiNose, given the company's enterprise value and market capitalization.
In other developments, OptiNose reported a 3% year-over-year increase in Q3 2024 net revenue for Xhance, and the company's leadership suggested that peak annual net revenue could surpass $300 million. The company is also actively exploring primary care partnerships to reach a larger patient base. These developments underscore OptiNose's ongoing commitment to capitalizing on the momentum around Xhance and its role in treating chronic sinusitis.
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