Otonomy (NASDAQ:OTIC) Stock Rating Upgraded by Zacks Investment Research

Otonomy (NASDAQ:OTIC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Saturday, Zacks.com reports. The firm presently has a $2.75 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.89% from the company’s current price.

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 analysts have also weighed in on OTIC. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Otonomy in a research report on Wednesday. ValuEngine lowered shares of Otonomy from a “hold” rating to a “sell” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the stock. Otonomy has an average rating of “Buy” and an average price target of $5.25.

Shares of OTIC stock opened at $2.48 on Friday. The stock has a market cap of $70.41 million, a P/E ratio of -1.50 and a beta of 2.48. The company has a debt-to-equity ratio of 0.52, a current ratio of 7.32 and a quick ratio of 7.32. The company has a fifty day moving average price of $2.21 and a two-hundred day moving average price of $2.44. Otonomy has a one year low of $1.50 and a one year high of $3.15.

Otonomy (NASDAQ:OTIC) last announced its quarterly earnings results on Tuesday, November 5th. The biopharmaceutical company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.12. The firm had revenue of $0.13 million during the quarter, compared to analysts’ expectations of $0.31 million. Otonomy had a negative net margin of 6,516.78% and a negative return on equity of 67.20%. As a group, equities research analysts anticipate that Otonomy will post -1.7 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of OTIC. Sofinnova Investments Inc. raised its position 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 valued at $3,679,000 after purchasing an additional 313,703 shares during the period. Renaissance Technologies LLC raised its position 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 valued at $4,738,000 after purchasing an additional 85,569 shares during the period. Eversept Partners LP raised its position 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 valued at $535,000 after purchasing an additional 14,329 shares during the period. BlackRock Inc. raised its position in shares of Otonomy by 1.0% in the second quarter. BlackRock Inc. now owns 844,466 shares of the biopharmaceutical company’s stock valued at $2,322,000 after purchasing an additional 8,148 shares during the period. Finally, Man Group plc raised its position 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 valued at $414,000 after purchasing an additional 6,500 shares during the period. 53.29% of the stock is currently owned by 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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