Otonomy (NASDAQ:OTIC) Lifted to Hold at ValuEngine

ValuEngine upgraded shares of Otonomy (NASDAQ:OTIC) from a sell rating to a hold rating in a report issued on Thursday morning, ValuEngine reports.

Separately, Zacks Investment Research cut shares of Otonomy from a buy rating to a hold rating in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Otonomy currently has an average rating of Buy and a consensus price target of $6.00.

Shares of NASDAQ OTIC traded down $0.10 during midday trading on Thursday, reaching $2.56. The stock had a trading volume of 54,075 shares, compared to its average volume of 30,235. The business’s 50-day simple moving average is $2.60. The company has a debt-to-equity ratio of 0.45, a current ratio of 9.07 and a quick ratio of 9.07. The company has a market cap of $81.62 million, a P/E ratio of -1.55 and a beta of 2.36. Otonomy has a 12-month low of $1.50 and a 12-month high of $3.95.

Otonomy (NASDAQ:OTIC) last posted its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.10. Otonomy had a negative net margin of 8,007.55% and a negative return on equity of 60.14%. The firm had revenue of $0.19 million during the quarter, compared to analyst estimates of $0.50 million. Sell-side analysts predict that Otonomy will post -1.86 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mercer Global Advisors Inc. ADV purchased a new position in shares of Otonomy in the 1st quarter worth approximately $225,000. BlackRock Inc. lifted its position in shares of Otonomy by 4.4% during the fourth quarter. BlackRock Inc. now owns 841,216 shares of the biopharmaceutical company’s stock valued at $1,557,000 after buying an additional 35,592 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Otonomy by 31.6% during the first quarter. Acadian Asset Management LLC now owns 119,044 shares of the biopharmaceutical company’s stock valued at $314,000 after buying an additional 28,551 shares during the last quarter. Finally, Spark Investment Management LLC lifted its position in Otonomy by 59.5% during the first quarter. Spark Investment Management LLC now owns 46,207 shares of the biopharmaceutical company’s stock valued at $121,000 after acquiring an additional 17,241 shares during the last quarter. Institutional investors own 53.31% of the company’s stock.

Otonomy Company Profile

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. It also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase I/II clinical trial to treat tinnitus; and OTO-413, a proprietary formulation of brain-derived neurotrophic factor that is in Phase I/II clinical trial for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

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