Zacks Investment Research lowered shares of Otonomy (NASDAQ:OTIC) from a buy rating to a hold rating in a report published on Wednesday.
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. “
A number of other analysts have also commented on the company. Cantor Fitzgerald assumed coverage on Otonomy in a report on Wednesday, November 14th. They set an overweight rating and a $9.00 price objective for the company. SunTrust Banks decreased their price objective on Otonomy to $10.00 and set a buy rating for the company in a report on Tuesday, August 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $7.25.
OTIC stock opened at $2.36 on Wednesday. Otonomy has a fifty-two week low of $2.16 and a fifty-two week high of $6.45. The company has a market cap of $70.45 million, a P/E ratio of -0.79 and a beta of 2.78.
Otonomy (NASDAQ:OTIC) last posted its quarterly earnings results on Tuesday, November 6th. The biopharmaceutical company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.06. The business had revenue of $0.11 million for the quarter, compared to the consensus estimate of $0.25 million. Otonomy had a negative return on equity of 54.24% and a negative net margin of 6,983.40%. Analysts anticipate that Otonomy will post -1.7 earnings per share for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Jane Street Group LLC bought a new stake in Otonomy during the 2nd quarter worth approximately $109,000. Acadian Asset Management LLC increased its holdings in Otonomy by 61.7% during the 2nd quarter. Acadian Asset Management LLC now owns 78,757 shares of the biopharmaceutical company’s stock worth $303,000 after purchasing an additional 30,045 shares in the last quarter. Laurion Capital Management LP bought a new stake in Otonomy during the 2nd quarter worth approximately $126,000. Dimensional Fund Advisors LP increased its holdings in Otonomy by 5.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,486,012 shares of the biopharmaceutical company’s stock worth $4,087,000 after purchasing an additional 79,791 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Otonomy by 6.3% during the 3rd quarter. Renaissance Technologies LLC now owns 1,439,700 shares of the biopharmaceutical company’s stock worth $3,959,000 after purchasing an additional 84,900 shares in the last quarter. 61.66% of the stock is owned by hedge funds and other institutional investors.
Otonomy Company 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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