StockNews.com Initiates Coverage on Otonomy (NASDAQ:OTIC)

StockNews.com assumed coverage on shares of Otonomy (NASDAQ:OTICGet Rating) in a report released on Monday. The brokerage issued a sell rating on the biopharmaceutical company’s stock.

Separately, Oppenheimer upped their price objective on Otonomy from $5.00 to $6.00 and gave the company an outperform rating in a research note on Wednesday, April 20th.

NASDAQ OTIC opened at $1.97 on Monday. The stock has a 50-day simple moving average of $2.04 and a 200 day simple moving average of $2.11. The company has a debt-to-equity ratio of 0.37, a quick ratio of 6.61 and a current ratio of 6.61. The stock has a market capitalization of $112.14 million, a PE ratio of -2.53 and a beta of 1.66. Otonomy has a twelve month low of $1.14 and a twelve month high of $2.59.

Otonomy (NASDAQ:OTICGet Rating) last posted its quarterly earnings results on Monday, May 9th. The biopharmaceutical company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. During the same period last year, the firm posted ($0.23) earnings per share. As a group, equities research analysts forecast that Otonomy will post -0.76 EPS for the current fiscal year.

In other Otonomy news, CEO David Allen Weber sold 11,243 shares of the company’s stock in a transaction on Monday, March 28th. The stock was sold at an average price of $2.41, for a total transaction of $27,095.63. The transaction was disclosed in a filing with the SEC, which is available at this link. 7.90% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Suvretta Capital Management LLC lifted its stake in shares of Otonomy by 17.4% in the 1st quarter. Suvretta Capital Management LLC now owns 3,144,196 shares of the biopharmaceutical company’s stock valued at $7,546,000 after purchasing an additional 466,081 shares during the period. Silverarc Capital Management LLC raised its stake in Otonomy by 0.6% during the 1st quarter. Silverarc Capital Management LLC now owns 1,207,385 shares of the biopharmaceutical company’s stock worth $2,898,000 after buying an additional 7,571 shares during the period. Dimensional Fund Advisors LP raised its stake in Otonomy by 17.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 841,694 shares of the biopharmaceutical company’s stock worth $2,020,000 after buying an additional 126,747 shares during the period. Point72 Asset Management L.P. acquired a new stake in Otonomy during the 3rd quarter worth $1,245,000. Finally, State Street Corp raised its stake in Otonomy by 5.1% during the 1st quarter. State Street Corp now owns 182,239 shares of the biopharmaceutical company’s stock worth $437,000 after buying an additional 8,839 shares during the period. 61.60% of the stock is currently owned by institutional investors.

Otonomy Company Profile (Get Rating)

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase II clinical trials to treat tinnitus; and OTO-413, a sustained-exposure formulation of brain-derived neurotrophic factor that is in Phase IIa clinical trials for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

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