Zacks Investment Research lowered shares of Otonomy (NASDAQ:OTIC) from a buy rating to a hold rating in a research report report published on Friday morning.
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. “
Separately, Piper Jaffray Companies upgraded Otonomy from a neutral rating to an overweight rating in a research report on Monday, March 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $9.15.
Shares of Otonomy (OTIC) remained flat at $$5.05 on Friday. 367,420 shares of the company traded hands, compared to its average volume of 632,109. Otonomy has a 1-year low of $2.80 and a 1-year high of $21.15. The firm has a market capitalization of $154.42, a price-to-earnings ratio of -1.70 and a beta of 2.94.
Otonomy (NASDAQ:OTIC) last issued its quarterly earnings data on Thursday, March 8th. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 business had revenue of $0.27 million during the quarter, compared to analyst estimates of $0.46 million. Otonomy’s quarterly revenue was down 1.1% compared to the same quarter last year. sell-side analysts forecast that Otonomy will post -1.79 EPS for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the stock. Voya Investment Management LLC grew its position in shares of Otonomy by 17.9% in the 2nd quarter. Voya Investment Management LLC now owns 12,606 shares of the biopharmaceutical company’s stock valued at $238,000 after purchasing an additional 1,918 shares during the period. The Manufacturers Life Insurance Company grew its position 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. Elkfork Partners LLC acquired a new position in shares of Otonomy in the 4th quarter valued at approximately $151,000. Acadian Asset Management LLC boosted 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, Los Angeles Capital Management & Equity Research Inc. acquired a new position in Otonomy during the 3rd quarter worth approximately $126,000. Institutional investors and hedge funds own 72.33% of the company’s stock.
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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