Optinose price target lowered to $1 from $3 at Piper Sandler

Piper Sandler analyst David Amsellem lowered the firm’s price target on Optinose (OPTN) to $1 from $3 and keeps an Overweight rating on the shares. The firm notes OptiNose reported a Q3 diluted EPS of 0c on revenues of $20.4M, compared to Street estimates of (5c) and $23.0M, respectively. The company lowered its 2024 Xhance sales guidance range to $75M-$79M, down from $85M-$90M, now implying year-over-year growth of 8% at the midpoint. That’s less than ideal to say the least given the label expansion in March 2024 in chronic sinusitis, Piper adds. That said, management did note that it did see steady growth in new prescribers during Q3. Taking a step back, the firm believes a strategic exit would be appropriate and in its view feasible, with the shares at an EV of $60M, in the context of an asset with a durable exclusivity runway.