OptiNose , Inc. (NASDAQ:OPTN) Chief Executive Officer Mahmoud Ramy A recently sold 4,614 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The shares were sold at a price of $0.44 each, resulting in a total transaction value of $2,030. The transaction comes as the stock has declined over 60% in the past six months, though InvestingPro analysis indicates the company maintains impressive gross profit margins of 90%.
Following this transaction, Ramy holds 1,197,483 shares directly. Additionally, an indirect holding of 172,422 shares is maintained in The Ramy Mahmoud 2014 Trust for Cynthia Mahmoud. The recent sale was conducted to cover tax obligations related to the vesting of restricted share units, as mandated by OptiNose's equity incentive plan. With a market capitalization of $63.8 million, InvestingPro analysis shows the company is currently trading below its Fair Value, though it faces challenges with cash burn. Discover 8 more exclusive ProTips and comprehensive financial analysis in the Pro Research Report.
In other recent news, Optinose (NASDAQ:OPTN), a specialty pharmaceutical company, reported third-quarter earnings per share (EPS) of $0.00 and revenue of $20.4 million, falling short of analysts' expectations of an EPS loss of $0.05 and higher revenue of $23.0 million. The company also adjusted its sales forecast for its nasal spray treatment, Xhance, reducing the 2024 guidance to a range of $75 million to $79 million, a decrease from the prior forecast of $85 million to $90 million. Piper Sandler, in response to these developments, lowered its price target on Optinose shares from $3 to $1, maintaining an Overweight rating.
In addition to these financial updates, Optinose reported a modest 3% year-over-year increase in Q3 2024 net revenue for XHANCE, amounting to $20.4 million. The company's leadership, including CEO Dr. Ramy Mahmoud and new CFO Terry Kohler, underscored the potential of XHANCE, suggesting that peak annual net revenue could surpass $300 million.
Optinose also noted an uptick in targeted healthcare providers and secured a position in Express Scripts' national formularies. The company confirmed its financial stability, with sufficient funds to support operations for at least the next year. Lastly, Optinose is actively exploring primary care partnerships to reach a larger patient base. These are recent developments reflecting Optinose's ongoing commitment to capitalizing on the momentum around XHANCE.
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