Otonomy Inc (NASDAQ:OTIC)’s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $2.16 and last traded at $2.35, with a volume of 1680 shares trading hands. The stock had previously closed at $2.31.
OTIC has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of Otonomy from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. SunTrust Banks decreased their price objective on shares of Otonomy to $10.00 and set a “buy” rating for the company in a research note on Tuesday, August 14th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $7.58.
The company has a market cap of $73.82 million, a PE ratio of -0.77 and a beta of 2.94.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new position in Otonomy in the second quarter valued at $109,000. Laurion Capital Management LP acquired a new position in Otonomy in the second quarter valued at $126,000. Acadian Asset Management LLC boosted its stake in Otonomy by 61.7% in the second quarter. Acadian Asset Management LLC now owns 78,757 shares of the biopharmaceutical company’s stock valued at $303,000 after acquiring an additional 30,045 shares in the last quarter. LMR Partners LLP acquired a new position in Otonomy in the second quarter valued at $374,000. Finally, Paloma Partners Management Co acquired a new position in Otonomy in the second quarter valued at $529,000. Institutional investors own 61.97% of the company’s stock.
About Otonomy (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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