OptiNose (NASDAQ:OPTN) stock is taking off on Thursday after the company provided investors with an update on XHANCE following an expansion of its use by the U.S. Food and Drug Administration (FDA).
The expansion news includes the FDA signing off on XHANCE being used as a treatment for adult patients with chronic rhinosinusitis without nasal polyps. This has it expecting to start commercialization efforts in this area soon.
In addition to that, OptiNose also announced its XHANCE revenue for the first three months of 2024. The company notes that revenue from the treatment came in at $14.9 million. That’s a massive 26% increase compared to the same period of the year prior.
OptiNose CEO Ramy Mahmoud also provided the following insight on the company’s expectations for XHANCE:
“Based on our market analysis, we believe that our base planned efforts focused on a specialty prescriber audience can grow XHANCE peak year net revenues to more than $300 million and allow Optinose to produce positive income from operations (GAAP) for full year 2025.”
OPTN Stock Movement Today
OPTN stock is seeing heavy trading today alongside its XHANCE announcement. That has some 16 million shares trading hands. This is well above its daily average trading volume of about 618,000 shares.
OPTN stock is up 12.4% as of Thursday morning. However, shares are still down 12.7% since the start of the year.
Investors will find more of the most recent stock market stories if they keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
