Otonomy (NASDAQ:OTIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, November 14th. The firm currently has a $5.75 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 7.48% from the company’s previous close.
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. “
A number of other research analysts also recently issued reports on the company. Piper Jaffray Companies reissued a “hold” rating and issued a $8.00 price objective on shares of Otonomy in a research note on Friday, November 10th. ValuEngine downgraded Otonomy from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Cowen reaffirmed an “outperform” rating and set a $9.00 price target (down from $55.00) on shares of Otonomy in a research note on Thursday, August 31st. SunTrust Banks reissued a “buy” rating and set a $15.00 price objective (down from $45.00) on shares of Otonomy in a report on Thursday, August 31st. Finally, J P Morgan Chase & Co lowered Otonomy from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $28.00 to $8.00 in a report on Wednesday, August 30th. One research 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. Otonomy has a consensus rating of “Hold” and a consensus price target of $9.15.
Otonomy (NASDAQ:OTIC) last announced its quarterly earnings data on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.15. The company had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.43 million. Otonomy had a negative return on equity of 60.74% and a negative net margin of 7,899.03%. The firm’s quarterly revenue was down 12.8% compared to the same quarter last year. equities research analysts predict that Otonomy will post -2.88 EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in Otonomy during the second quarter valued at $115,000. Legal & General Group Plc grew its holdings in Otonomy by 13.3% during the second quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock valued at $119,000 after purchasing an additional 746 shares during the period. Voya Investment Management LLC grew its holdings in Otonomy by 17.9% during the second 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. American International Group Inc. grew its holdings in Otonomy by 7.1% during the first quarter. American International Group Inc. now owns 14,800 shares of the biopharmaceutical company’s stock valued at $181,000 after purchasing an additional 981 shares during the period. Finally, Tudor Investment Corp ET AL bought a new position in Otonomy during the first quarter valued at $216,000. 60.57% of the stock is owned by institutional investors.
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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