Otonomy (OTIC) Sets New 52-Week Low at $2.46

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Otonomy Inc (NASDAQ:OTIC) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $2.46 and last traded at $2.50, with a volume of 3605 shares trading hands. The stock had previously closed at $2.55.

Several research firms have recently issued reports on OTIC. SunTrust Banks lowered their price objective on Otonomy to $10.00 and set a “buy” rating for the company in a research note on Tuesday, August 14th. Zacks Investment Research downgraded Otonomy from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. Otonomy presently has a consensus rating of “Hold” and a consensus price target of $7.58.

The firm has a market capitalization of $84.23 million, a price-to-earnings ratio of -0.81 and a beta of 2.94.

Otonomy (NASDAQ:OTIC) last issued its quarterly earnings results on Wednesday, August 8th. The biopharmaceutical company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.06). Otonomy had a negative return on equity of 56.60% and a negative net margin of 6,640.16%. The business had revenue of $0.12 million during the quarter, compared to analysts’ expectations of $0.30 million. Sell-side analysts expect that Otonomy Inc will post -1.77 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. 683 Capital Management LLC raised its holdings in shares of Otonomy by 23.1% in the second quarter. 683 Capital Management LLC now owns 800,000 shares of the biopharmaceutical company’s stock worth $3,080,000 after buying an additional 150,000 shares during the period. Jane Street Group LLC purchased a new stake in shares of Otonomy in the second quarter worth approximately $109,000. Millennium Management LLC raised its holdings in shares of Otonomy by 409.4% in the second quarter. Millennium Management LLC now owns 596,329 shares of the biopharmaceutical company’s stock worth $2,296,000 after buying an additional 479,271 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Otonomy in the second quarter worth approximately $529,000. Finally, Laurion Capital Management LP purchased a new stake in shares of Otonomy in the second quarter worth approximately $126,000. Hedge funds and other institutional investors own 62.39% of the company’s stock.

Otonomy Company Profile (NASDAQ:OTIC)

Otonomy, Inc, a biopharmaceutical company, engages in the development and commercialization of therapeutics for otology in the United States. It offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. The company also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; and OTO- 313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which has completed a Phase 1 clinical safety trial for the treatment of tinnitus.

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