Otonomy, Inc. (OTIC) Trading 5.8% Higher

Otonomy, Inc. (NASDAQ:OTIC) traded up 5.8% during trading on Thursday . The stock traded as high as $5.70 and last traded at $5.50. 1,682,162 shares were traded during trading, an increase of 104% from the average session volume of 822,908 shares. The stock had previously closed at $5.20.

Several equities research analysts have recently commented on the company. Piper Jaffray Companies reissued a “hold” rating and set a $8.00 price target on shares of Otonomy in a research note on Friday, November 10th. Zacks Investment Research raised Otonomy from a “hold” rating to a “buy” rating and set a $5.75 price target on the stock in a research note on Tuesday. BidaskClub lowered Otonomy from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. J P Morgan Chase & Co raised Otonomy from a “neutral” rating to an “overweight” rating and set a $28.00 price target on the stock in a research note on Tuesday, August 15th. Finally, Cowen and Company reissued an “outperform” rating and set a $55.00 price target on shares of Otonomy in a research note on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $9.15.

Otonomy (NASDAQ:OTIC) last issued its quarterly earnings data on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.84) by $0.15. Otonomy had a negative return on equity of 60.74% and a negative net margin of 7,899.03%. The firm had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.43 million. The firm’s quarterly revenue was down 12.8% compared to the same quarter last year. equities analysts forecast that Otonomy, Inc. will post -2.94 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of OTIC. SG Americas Securities LLC acquired a new position in shares of Otonomy during the 2nd quarter worth approximately $115,000. Legal & General Group Plc raised its position in shares of Otonomy by 13.3% during the 2nd quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock worth $119,000 after purchasing an additional 746 shares during the last quarter. Lakeview Capital Partners LLC acquired a new position in shares of Otonomy during the 3rd quarter worth approximately $120,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Otonomy during the 3rd quarter worth approximately $126,000. Finally, American International Group Inc. raised its holdings in Otonomy by 7.1% in the 1st quarter. American International Group Inc. now owns 14,800 shares of the biopharmaceutical company’s stock valued at $181,000 after acquiring an additional 981 shares during the last quarter. Hedge funds and other institutional investors own 78.12% of the company’s stock.

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About Otonomy

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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