Otonomy (NASDAQ:OTIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
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 upgraded shares of Otonomy from a “neutral” rating to an “overweight” rating in a report on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Otonomy currently has an average rating of “Hold” and a consensus price target of $9.15.
Otonomy (OTIC) opened at $5.05 on Friday. The firm has a market cap of $159.00, a price-to-earnings ratio of -1.70 and a beta of 2.94. Otonomy has a 1-year low of $2.80 and a 1-year high of $21.15.
Otonomy (NASDAQ:OTIC) last announced its quarterly earnings results on Thursday, March 8th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.67) by $0.05. The company had revenue of $0.27 million for the quarter, compared to analyst estimates of $0.46 million. Otonomy had a negative net margin of 7,292.07% and a negative return on equity of 63.35%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. research analysts expect that Otonomy will post -1.73 earnings per share for the current year.
Several hedge funds have recently modified their holdings of the company. Voya Investment Management LLC raised its stake in shares of Otonomy by 17.9% in the 2nd quarter. Voya Investment Management LLC now owns 12,606 shares of the biopharmaceutical company’s stock valued at $238,000 after acquiring an additional 1,918 shares during the period. California State Teachers Retirement System raised its stake in shares of Otonomy by 5.7% in the 2nd quarter. California State Teachers Retirement System now owns 49,993 shares of the biopharmaceutical company’s stock valued at $942,000 after acquiring an additional 2,700 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Otonomy by 13.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,105 shares of the biopharmaceutical company’s stock valued at $435,000 after acquiring an additional 2,776 shares during the period. Worth Venture Partners LLC raised its stake in shares of Otonomy by 67.6% in the 4th quarter. Worth Venture Partners LLC now owns 53,760 shares of the biopharmaceutical company’s stock valued at $299,000 after acquiring an additional 21,685 shares during the period. Finally, Elkfork Partners LLC purchased a new position in shares of Otonomy in the 4th quarter valued at $151,000. 72.33% of the stock is currently owned by institutional investors and hedge funds.
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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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