Otonomy (NASDAQ:OTIC) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Otonomy (NASDAQ:OTIC) from a hold rating to a buy rating in a research report report published on Tuesday, Zacks.com reports. They currently have $2.75 price target on the biopharmaceutical company’s stock.

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, ValuEngine cut shares of Zosano Pharma from a buy rating to a hold rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Otonomy has an average rating of Hold and an average target price of $5.92.

NASDAQ OTIC opened at $2.52 on Tuesday. The firm has a market capitalization of $77.60 million, a P/E ratio of -1.53 and a beta of 2.36. The firm’s fifty day simple moving average is $2.54. Otonomy has a 1 year low of $1.50 and a 1 year high of $3.95. The company has a quick ratio of 9.07, a current ratio of 9.07 and a debt-to-equity ratio of 0.45.

Otonomy (NASDAQ:OTIC) last posted its earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.07. The company had revenue of $0.19 million during the quarter, compared to the consensus estimate of $0.33 million. Otonomy had a negative net margin of 8,007.55% and a negative return on equity of 60.14%. As a group, equities analysts predict that Otonomy will post -1.86 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OTIC. Pura Vida Investments LLC increased its stake in shares of Otonomy by 211.6% during the fourth quarter. Pura Vida Investments LLC now owns 896,387 shares of the biopharmaceutical company’s stock worth $1,658,000 after purchasing an additional 608,730 shares in the last quarter. 683 Capital Management LLC increased its stake in shares of Otonomy by 37.5% during the fourth quarter. 683 Capital Management LLC now owns 1,100,000 shares of the biopharmaceutical company’s stock worth $2,035,000 after purchasing an additional 300,000 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Otonomy during the first quarter worth about $225,000. Sofinnova Investments Inc. increased its stake in shares of Otonomy by 3.7% during the fourth quarter. Sofinnova Investments Inc. now owns 1,023,865 shares of the biopharmaceutical company’s stock worth $1,894,000 after purchasing an additional 36,087 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Otonomy by 4.4% during the fourth quarter. BlackRock Inc. now owns 841,216 shares of the biopharmaceutical company’s stock worth $1,557,000 after purchasing an additional 35,592 shares in the last quarter. 53.31% of the stock is owned by institutional investors.

About Otonomy

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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