Otonomy, Inc. (NASDAQ:OTIC) was the target of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 1,251,077 shares, a decline of 40.6% from the August 31st total of 2,104,813 shares. Based on an average trading volume of 2,952,200 shares, the short-interest ratio is currently 0.4 days. Currently, 4.9% of the company’s stock are sold short.
A number of equities research analysts recently commented on the company. ValuEngine downgraded Otonomy from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Cowen and Company reaffirmed an “outperform” rating and set a $9.00 target price (down previously from $55.00) on shares of Otonomy in a report on Thursday, August 31st. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $15.00 target price (down previously from $45.00) on shares of Otonomy in a report on Thursday, August 31st. Piper Jaffray Companies downgraded Otonomy from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $32.00 to $8.00 in a report on Wednesday, August 30th. Finally, J P Morgan Chase & Co downgraded Otonomy from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $28.00 to $8.00 in a report on Wednesday, August 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $10.00.
Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in Otonomy during the 2nd quarter worth approximately $115,000. Legal & General Group Plc grew its stake in shares of Otonomy by 13.3% in the 2nd quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock valued at $119,000 after purchasing an additional 746 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of Otonomy in the 1st quarter valued at approximately $123,000. American International Group Inc. grew its stake in shares of Otonomy by 7.1% in the 1st quarter. American International Group Inc. now owns 14,800 shares of the biopharmaceutical company’s stock valued at $181,000 after purchasing an additional 981 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Otonomy in the 1st quarter valued at approximately $216,000. Hedge funds and other institutional investors own 88.74% of the company’s stock.
Otonomy (NASDAQ:OTIC) remained flat at $3.50 during midday trading on Friday. The stock had a trading volume of 563,560 shares. The company has a 50 day moving average of $4.87 and a 200-day moving average of $12.94. The stock’s market cap is $106.06 million. Otonomy has a 52-week low of $3.15 and a 52-week high of $21.15.
Otonomy (NASDAQ:OTIC) last released its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.03. The firm had revenue of $0.33 million for the quarter, compared to the consensus estimate of $0.43 million. Otonomy had a negative return on equity of 57.43% and a negative net margin of 8,172.38%. The firm’s quarterly revenue was up 312.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.98) EPS. Equities research analysts anticipate that Otonomy will post ($3.23) EPS for the current fiscal year.
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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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