Otonomy (NASDAQ:OTIC) Lowered to “Hold” at Zacks Investment Research

Otonomy (NASDAQ:OTIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, March 16th.

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. “

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Separately, Piper Jaffray raised Otonomy from a “neutral” rating to an “overweight” rating in a research report on Monday, March 12th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $8.95.

Shares of OTIC stock traded down $0.05 on Friday, reaching $4.05. 387,232 shares of the company’s stock traded hands, compared to its average volume of 478,431. Otonomy has a 12-month low of $2.80 and a 12-month high of $21.15. The company has a market capitalization of $125.37, a price-to-earnings 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) earnings per share 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 analysts’ expectations of $0.46 million. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. analysts anticipate that Otonomy will post -1.72 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its stake in shares of Otonomy by 2,178.7% in the 4th 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. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Otonomy during the 3rd quarter worth approximately $126,000. Elkfork Partners LLC bought a new stake in Otonomy during the 4th quarter worth approximately $151,000. Acadian Asset Management LLC grew its position in Otonomy by 722.6% during the 4th quarter. Acadian Asset Management LLC now owns 35,996 shares of the biopharmaceutical company’s stock worth $200,000 after acquiring an additional 31,620 shares during the last quarter. Finally, Highland Capital Management LP bought a new stake in Otonomy during the 4th quarter worth approximately $222,000. Institutional investors own 71.62% of the company’s stock.

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About Otonomy

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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