Otonomy (NASDAQ:OTIC) Lowered to Hold at Zacks Investment Research

Otonomy (NASDAQ:OTIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports.

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. “

Several other equities research analysts also recently commented on OTIC. HC Wainwright initiated coverage on shares of Otonomy in a report on Thursday, August 29th. They set a “buy” rating and a $8.00 price objective on the stock. ValuEngine raised shares of Otonomy from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Otonomy currently has a consensus rating of “Buy” and an average target price of $5.17.

NASDAQ OTIC traded down $0.02 during trading on Thursday, hitting $2.21. 14,445 shares of the company’s stock traded hands, compared to its average volume of 70,612. The stock has a market capitalization of $67.96 million, a price-to-earnings ratio of -1.34 and a beta of 2.51. Otonomy has a 12-month low of $1.50 and a 12-month high of $3.15. The company has a debt-to-equity ratio of 0.52, a quick ratio of 7.32 and a current ratio of 7.32. The business has a 50 day moving average of $2.18 and a 200-day moving average of $2.49.

Otonomy (NASDAQ:OTIC) last released its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.38) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.48) by $0.10. The business had revenue of $0.19 million for the quarter, compared to the consensus estimate of $0.50 million. Otonomy had a negative net margin of 6,984.64% and a negative return on equity of 65.91%. On average, analysts expect that Otonomy will post -1.7 EPS for the current year.

Several institutional investors have recently made changes to their positions in OTIC. Sofinnova Investments Inc. lifted its holdings in shares of Otonomy by 30.6% in the second quarter. Sofinnova Investments Inc. now owns 1,337,568 shares of the biopharmaceutical company’s stock worth $3,679,000 after buying an additional 313,703 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Otonomy by 5.2% in the second quarter. Renaissance Technologies LLC now owns 1,722,917 shares of the biopharmaceutical company’s stock worth $4,738,000 after buying an additional 85,569 shares in the last quarter. Eversept Partners LP lifted its holdings in shares of Otonomy by 8.0% in the second quarter. Eversept Partners LP now owns 194,429 shares of the biopharmaceutical company’s stock worth $535,000 after buying an additional 14,329 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Otonomy by 1.0% in the second quarter. BlackRock Inc. now owns 844,466 shares of the biopharmaceutical company’s stock worth $2,322,000 after buying an additional 8,148 shares in the last quarter. Finally, Man Group plc lifted its holdings in shares of Otonomy by 4.5% in the second quarter. Man Group plc now owns 150,640 shares of the biopharmaceutical company’s stock worth $414,000 after buying an additional 6,500 shares in the last quarter. 53.28% of the stock is currently owned by hedge funds and other institutional investors.

About Otonomy

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. It also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase I/II clinical trial to treat tinnitus; and OTO-413, a proprietary formulation of brain-derived neurotrophic factor that is in Phase I/II clinical trial for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

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