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 research note issued to investors on Tuesday, ValuEngine reports.

OTIC has been the topic of a number of other reports. HC Wainwright reaffirmed a buy rating and set a $8.00 price target on shares of Otonomy in a research report on Wednesday, November 6th. Zacks Investment Research raised shares of Otonomy from a hold rating to a strong-buy rating and set a $2.75 target price on the stock in a research note on Saturday, November 9th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $5.25.

NASDAQ:OTIC traded up $0.03 on Tuesday, hitting $2.50. 1,490 shares of the stock were exchanged, compared to its average volume of 113,971. The stock has a fifty day moving average of $2.42 and a 200-day moving average of $2.40. The stock has a market cap of $77.18 million, a PE ratio of -1.52 and a beta of 2.53. The company has a current ratio of 6.66, a quick ratio of 6.66 and a debt-to-equity ratio of 0.60. Otonomy has a fifty-two week low of $1.50 and a fifty-two week high of $3.15.

Otonomy (NASDAQ:OTIC) last released its quarterly earnings data on Tuesday, November 5th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.12. The business had revenue of $0.13 million for the quarter, compared to analyst estimates of $0.31 million. Otonomy had a negative return on equity of 72.06% and a negative net margin of 6,516.78%. As a group, analysts predict that Otonomy will post -1.56 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC increased its position in shares of Otonomy by 5.1% during the second quarter. Acadian Asset Management LLC now owns 125,088 shares of the biopharmaceutical company’s stock worth $345,000 after acquiring an additional 6,044 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Otonomy by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,722,917 shares of the biopharmaceutical company’s stock valued at $4,738,000 after purchasing an additional 85,569 shares in the last quarter. Sofinnova Investments Inc. raised its stake in shares of Otonomy by 30.6% in the 2nd quarter. Sofinnova Investments Inc. now owns 1,337,568 shares of the biopharmaceutical company’s stock valued at $3,679,000 after purchasing an additional 313,703 shares in the last quarter. BlackRock Inc. raised its stake in shares of Otonomy by 1.0% in the 2nd quarter. BlackRock Inc. now owns 844,466 shares of the biopharmaceutical company’s stock valued at $2,322,000 after purchasing an additional 8,148 shares in the last quarter. Finally, Eversept Partners LP raised its stake in shares of Otonomy by 8.0% in the 2nd quarter. Eversept Partners LP now owns 194,429 shares of the biopharmaceutical company’s stock valued at $535,000 after purchasing an additional 14,329 shares in the last quarter. Hedge funds and other institutional investors own 52.90% of the company’s stock.

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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