Otonomy Sees Unusually High Options Volume (OTIC)

Otonomy, Inc. (NASDAQ:OTIC) was the recipient of unusually large options trading activity on Friday. Investors acquired 5,589 call options on the company. This is an increase of Infinity compared to the typical volume of 0 call options.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Otonomy by 8.8% in the 1st quarter. Vanguard Group Inc. now owns 1,004,584 shares of the biopharmaceutical company’s stock valued at $12,306,000 after purchasing an additional 81,050 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Otonomy by 8.7% in the 2nd quarter. Alliancebernstein L.P. now owns 672,876 shares of the biopharmaceutical company’s stock valued at $12,684,000 after purchasing an additional 54,080 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Otonomy by 72.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 596,784 shares of the biopharmaceutical company’s stock valued at $1,939,000 after purchasing an additional 249,845 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Otonomy by 10,065.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 517,410 shares of the biopharmaceutical company’s stock valued at $9,753,000 after purchasing an additional 512,320 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Otonomy by 31.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 407,799 shares of the biopharmaceutical company’s stock valued at $7,687,000 after purchasing an additional 96,630 shares during the period. 89.03% of the stock is currently owned by institutional investors.

Otonomy (NASDAQ OTIC) opened at $5.17 on Monday. Otonomy has a one year low of $2.80 and a one year high of $21.15.

Otonomy (NASDAQ:OTIC) last issued its earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.84) by $0.15. The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.43 million. Otonomy had a negative net margin of 7,899.03% and a negative return on equity of 60.74%. The firm’s revenue was down 12.8% on a year-over-year basis. research analysts anticipate that Otonomy will post -3 earnings per share for the current year.

A number of brokerages recently weighed in on OTIC. ValuEngine lowered shares of Otonomy from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $8.00 target price on shares of Otonomy in a research note on Friday. Zacks Investment Research raised shares of Otonomy from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. J P Morgan Chase & Co lowered shares of Otonomy from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $28.00 to $8.00 in a research note on Wednesday, August 30th. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Otonomy in a research note on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Otonomy currently has a consensus rating of “Hold” and an average price target of $10.00.

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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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