Otonomy (OTIC) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Otonomy (NASDAQ:OTIC) from a buy rating to a hold rating in a research report released on Thursday.

According to Zacks, “Otonomy, Inc. engages in developing and commercializing therapeutics to address unmet medical needs in the otology market. It develops therapeutics for treatment of inner and middle ear disorders. The Company’s product candidates under development includes AuriPro to treat pediatric patients with middle ear effusion; and OTO-104 for the treatment of patients with Ménière’s disease. Otonomy, Inc. is headquartered in San Diego, California. “

Separately, Piper Jaffray Companies restated a hold rating and issued a $8.00 price objective on shares of Otonomy in a research note on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $9.15.

Shares of Otonomy (OTIC) traded down $0.05 during trading on Thursday, reaching $5.75. The company had a trading volume of 312,400 shares, compared to its average volume of 359,967. Otonomy has a fifty-two week low of $2.80 and a fifty-two week high of $21.15. The company has a market cap of $175.96, a PE ratio of -1.78 and a beta of 3.33.

Otonomy (NASDAQ:OTIC) last announced its quarterly earnings data on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.84) by $0.15. Otonomy had a negative return on equity of 60.74% and a negative net margin of 7,899.03%. The business had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.43 million. Otonomy’s quarterly revenue was down 12.8% compared to the same quarter last year. sell-side analysts expect that Otonomy will post -2.88 EPS for the current year.

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of Otonomy by 10,065.2% during the second quarter. JPMorgan Chase & Co. now owns 517,410 shares of the biopharmaceutical company’s stock valued at $9,753,000 after buying an additional 512,320 shares during the period. Northern Trust Corp increased its position in shares of Otonomy by 16.9% during the second quarter. Northern Trust Corp now owns 348,514 shares of the biopharmaceutical company’s stock valued at $6,570,000 after buying an additional 50,261 shares during the period. Alliancebernstein L.P. increased its position in shares of Otonomy by 8.7% during the second quarter. Alliancebernstein L.P. now owns 672,876 shares of the biopharmaceutical company’s stock valued at $12,684,000 after buying an additional 54,080 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Otonomy during the third quarter valued at about $263,000. Finally, Alpine Associates Management Inc. bought a new stake in shares of Otonomy during the third quarter valued at about $797,000. Institutional investors and hedge funds own 60.57% of the company’s stock.

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Otonomy Company Profile

Otonomy, Inc is a biopharmaceutical company. The Company focuses on the development and commercialization of therapeutics for diseases and disorders of the ear. The Company’s product candidates include OTIPRIO, OTO-104 and OTO-311. OTIPRIO is a single-dose, physician-administered antibacterial, which is used for the treatment of pediatric patients with bilateral otitis media with effusion undergoing tympanostomy tube placement (TTP) surgery and is available for commercial purchase.

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