Otonomy (NASDAQ:OTIC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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, Piper Jaffray Companies restated a “hold” rating and issued a $8.00 target price on shares of Otonomy in a research note on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $9.15.
Otonomy (NASDAQ:OTIC) last issued its earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.84) by $0.15. The company had revenue of $0.28 million during 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%. Otonomy’s quarterly revenue was down 12.8% on a year-over-year basis. equities research analysts forecast that Otonomy will post -2.88 EPS for the current year.
Several institutional investors and hedge funds have recently modified their holdings of OTIC. SG Americas Securities LLC bought a new position in Otonomy in the 2nd quarter valued at about $115,000. Legal & General Group Plc lifted its position in Otonomy by 13.3% in the 2nd quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock valued at $119,000 after acquiring an additional 746 shares in the last quarter. Lakeview Capital Partners LLC bought a new position in Otonomy in the 3rd quarter valued at about $120,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in Otonomy in the 3rd quarter valued at about $126,000. Finally, Voya Investment Management LLC lifted its position in Otonomy by 17.9% in the 2nd quarter. Voya Investment Management LLC now owns 12,606 shares of the biopharmaceutical company’s stock valued at $238,000 after acquiring an additional 1,918 shares in the last quarter. Institutional investors own 60.57% of the company’s stock.
Otonomy Company Profile
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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