OptiNose eyes record low open on dismal revenue outlook, stock sale plan

OptiNose

16/11/2021 11:52

** Shares of specialty pharmaceutical company  OPTN.O  down
~26.8% at record low of $1.75 in premarket trading  
    ** Co's Q3 revenue rises 41.4% y-o-y to $21.8 mln, but still
misses Refinitiv estimates of $23.48 mln; also cuts FY21 revenue
outlook to $71 mln-$75 mln, lower than Street expectations
 urn:newsml:reuters.com:*:nGNX6XJZyT
    ** OPTN, however, posts a narrower-than-expected adj loss of
32 cents​​/share
    ** Co also intends a public offering of its stock; offering
price has not yet been determined  urn:newsml:reuters.com:*:nGNX9SSDNY
    ** OPTN intends to use the net proceeds for
commercialization of it lead drug Xhance, the clinical
development of Xhance for the treatment of chronic sinusitis and
other potential development programs
    ** Xhance was approved for the treatment of nasal polyps in
patients 18 years of age or older by the U.S. FDA in September
2017 
    ** All five brokerages covering the stock rate it "buy" or
higher; their median PT is $12 - Refinitiv data
    ** As of last close, stock had fallen by 42.3% year-to-date

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))