OptiNose Inc (NASDAQ:OPTN) Stock See Value Buying At Lower Level

Earlier on this week on Tuesday, the OptiNose Inc (NASDAQ:OPTN) had been in the middle of a major downward spiral and ended up with a decline of as much as 45%.

Market Stats

On Wednesday, OPTN stock surged 13.52% at $1.80 with more than 2.38 million shares, compared to its average volume of 278K shares. The stock has moved within a range of $1.6000 – 1.8900 after opening trading at $1.60.

Major Trigger

However, the stock rebounded yesterday and managed to recover by as much as 13% as investors returned to OptiNose again. There was no specific news about the company yesterday that could have resulted in the rally but in this context it might be a good idea to take a closer look at the fall on Tuesday. The selloff in the stock had come about after OptiNose announced its financial results for the third fiscal quarter of 2021 on Tuesday.

The company announced that the total number of prescriptions for its product XHANCE had gone up by 25% year on year to hit 86300. However, in this context, it should also be noted that the number of new prescriptions only went up to 27,900 and that reflected a 22% year on year rise from the 23,000 new prescriptions that had been clocked by OptiNose back in the prior year quarter. The numbers did not quite impress investors and the stock suffered from a selloff as a consequence.

Traders Corner

OPTN stock is trading below the 20-Day and 50-Day Moving averages of $2.51 and $2.79 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.21. The stock is down 40% in the past month.

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