Otonomy (NASDAQ:OTIC) Coverage Initiated at StockNews.com

Stock analysts at StockNews.com initiated coverage on shares of Otonomy (NASDAQ:OTIC – Get Rating) in a note issued to investors on Wednesday. The firm set a “hold” rating on the biopharmaceutical company’s stock.

Several other research analysts have also commented on OTIC. HC Wainwright lowered shares of Otonomy from a “buy” rating to a “neutral” rating in a report on Tuesday, August 2nd. Piper Sandler downgraded shares of Otonomy from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $3.00 to $0.50 in a research report on Thursday, October 13th.

Otonomy Trading Down 9.1 %

Shares of NASDAQ:OTIC opened at $0.16 on Wednesday. Otonomy has a 12 month low of $0.07 and a 12 month high of $2.59. The stock has a market cap of $9.32 million, a P/E ratio of -0.21 and a beta of 1.19. The company has a 50 day moving average of $0.16 and a 200 day moving average of $0.91.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OTIC. Requisite Capital Management LLC bought a new stake in shares of Otonomy during the third quarter worth $44,000. Two Sigma Investments LP grew its stake in shares of Otonomy by 129.2% during the third quarter. Two Sigma Investments LP now owns 142,183 shares of the biopharmaceutical company’s stock worth $42,000 after acquiring an additional 80,153 shares during the last quarter. Lynx1 Capital Management LP grew its stake in shares of Otonomy by 7,609.6% during the third quarter. Lynx1 Capital Management LP now owns 2,312,880 shares of the biopharmaceutical company’s stock worth $682,000 after acquiring an additional 2,282,880 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Otonomy in the third quarter valued at approximately $1,621,000. Finally, State Street Corp boosted its position in Otonomy by 5.1% in the first quarter. State Street Corp now owns 182,239 shares of the biopharmaceutical company’s stock valued at $437,000 after buying an additional 8,839 shares during the last quarter. 80.05% of the stock is owned by hedge funds and other institutional investors.

Otonomy Company Profile

(Get Rating)

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase II clinical trials to treat tinnitus; and OTO-413, a sustained-exposure formulation of brain-derived neurotrophic factor that is in Phase IIa clinical trials for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.