Elkfork Partners LLC Acquires New Position in Otonomy (OTIC)

Elkfork Partners LLC acquired a new stake in shares of Otonomy (NASDAQ:OTIC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 27,188 shares of the biopharmaceutical company’s stock, valued at approximately $151,000.

Other large investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its stake in shares of Otonomy by 2,178.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 22,377 shares of the biopharmaceutical company’s stock valued at $125,000 after purchasing an additional 21,395 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Otonomy by 722.6% during the fourth quarter. Acadian Asset Management LLC now owns 35,996 shares of the biopharmaceutical company’s stock valued at $200,000 after purchasing an additional 31,620 shares during the period. Highland Capital Management LP purchased a new stake in shares of Otonomy during the fourth quarter valued at approximately $222,000. Worth Venture Partners LLC boosted its stake in shares of Otonomy by 67.6% during the fourth quarter. Worth Venture Partners LLC now owns 53,760 shares of the biopharmaceutical company’s stock valued at $299,000 after purchasing an additional 21,685 shares during the period. Finally, Schwab Charles Investment Management Inc. purchased a new stake in shares of Otonomy during the fourth quarter valued at approximately $616,000. 71.62% of the stock is owned by hedge funds and other institutional investors.

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A number of analysts have recently weighed in on OTIC shares. Zacks Investment Research lowered Otonomy from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Piper Jaffray raised Otonomy from a “neutral” rating to an “overweight” rating in a research note on Monday, March 12th. Finally, JPMorgan Chase lowered Otonomy from a “neutral” rating to an “underweight” rating in a research note on Monday, March 19th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $8.95.

Shares of OTIC stock opened at $4.05 on Friday. Otonomy has a 52 week low of $2.80 and a 52 week high of $21.15. The firm has a market capitalization of $129.95, a P/E ratio of -1.36 and a beta of 3.13.

Otonomy (NASDAQ:OTIC) last announced its quarterly earnings results on Thursday, March 8th. The biopharmaceutical company reported ($0.62) EPS for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.05. Otonomy had a negative return on equity of 63.35% and a negative net margin of 7,292.07%. The company had revenue of $0.27 million during the quarter, compared to analyst estimates of $0.46 million. The company’s revenue was down 1.1% compared to the same quarter last year. analysts expect that Otonomy will post -1.72 EPS for the current fiscal year.

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Otonomy Profile

Otonomy, Inc, a biopharmaceutical company, engages in the development and commercialization of therapeutics for otology in the United States. It offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. The company also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; and OTO- 313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which has completed a Phase 1 clinical safety trial for the treatment of tinnitus.

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Institutional Ownership by Quarter for Otonomy (NASDAQ:OTIC)

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