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

Zacks Investment Research upgraded shares of Otonomy (NASDAQ:OTIC) from a hold rating to a buy rating in a research note published on Thursday, Zacks.com reports. They currently have $4.25 price target on the biopharmaceutical company’s stock.

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. “

A number of other analysts have also issued reports on OTIC. Cantor Fitzgerald reiterated an overweight rating and issued a $11.00 price target on shares of Otonomy in a report on Monday, August 17th. HC Wainwright reiterated a buy rating and issued a $9.00 target price on shares of Otonomy in a report on Thursday, August 6th. ValuEngine lowered Otonomy from a buy rating to a hold rating in a research note on Thursday, July 2nd. Oppenheimer reaffirmed a buy rating and issued a $8.00 price objective on shares of Otonomy in a research note on Monday, July 6th. Finally, Craig Hallum started coverage on shares of Otonomy in a research report on Friday, May 29th. They set a buy rating and a $8.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $8.05.

NASDAQ:OTIC opened at $3.95 on Thursday. The company has a market cap of $190.50 million, a price-to-earnings ratio of -2.74 and a beta of 2.29. Otonomy has a twelve month low of $1.53 and a twelve month high of $4.89. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 0.74. The stock has a fifty day simple moving average of $3.71 and a 200-day simple moving average of $3.01.

Otonomy (NASDAQ:OTIC) last posted its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.37) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.36) by ($0.01). The company had revenue of $0.01 million during the quarter, compared to analysts’ expectations of $0.13 million. Otonomy had a negative return on equity of 125.30% and a negative net margin of 11,386.86%. As a group, equities research analysts predict that Otonomy will post -1.19 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of OTIC. Acadian Asset Management LLC grew its stake in Otonomy by 28.5% in the first quarter. Acadian Asset Management LLC now owns 160,691 shares of the biopharmaceutical company’s stock valued at $316,000 after purchasing an additional 35,603 shares during the last quarter. Ensign Peak Advisors Inc bought a new position in shares of Otonomy during the 1st quarter worth approximately $44,000. JPMorgan Chase & Co. raised its stake in shares of Otonomy by 156.8% during the 1st quarter. JPMorgan Chase & Co. now owns 31,106 shares of the biopharmaceutical company’s stock worth $61,000 after acquiring an additional 18,995 shares in the last quarter. Granahan Investment Management Inc. MA purchased a new stake in Otonomy during the first quarter valued at approximately $326,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Otonomy in the first quarter valued at approximately $61,000. Hedge funds and other institutional investors own 38.98% of the company’s stock.

Otonomy Company Profile

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.

Further Reading: Price to Earnings Ratio (PE) Basics

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