Otonomy (NASDAQ:OTIC) Upgraded by Zacks Investment Research to Strong-Buy

Zacks Investment Research upgraded shares of Otonomy (NASDAQ:OTIC) from a hold rating to a strong-buy rating in a research report report published on Saturday, Zacks.com reports. Zacks Investment Research currently has $2.75 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. “

OTIC has been the subject of several other research reports. ValuEngine cut Otonomy from a hold rating to a sell rating in a report on Friday. HC Wainwright restated a buy rating and issued a $8.00 price target on shares of Otonomy in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $5.25.

Otonomy stock traded up $0.06 during midday trading on Friday, reaching $2.48. The company’s stock had a trading volume of 64,500 shares, compared to its average volume of 74,960. 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 firm has a market capitalization of $70.41 million, a PE ratio of -1.50 and a beta of 2.48. The stock’s 50 day simple moving average is $2.21 and its 200 day simple moving average is $2.44. Otonomy has a fifty-two week low of $1.50 and a fifty-two week high of $3.15.

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

Several large investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its holdings in shares of Otonomy by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,722,917 shares of the biopharmaceutical company’s stock worth $4,738,000 after purchasing an additional 85,569 shares during the period. Sofinnova Investments Inc. grew its holdings in shares of Otonomy by 30.6% during the 2nd quarter. Sofinnova Investments Inc. now owns 1,337,568 shares of the biopharmaceutical company’s stock worth $3,679,000 after purchasing an additional 313,703 shares during the period. Vanguard Group Inc. grew its holdings in shares of Otonomy by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 1,176,798 shares of the biopharmaceutical company’s stock worth $3,236,000 after purchasing an additional 5,768 shares during the period. BlackRock Inc. grew its holdings in shares of Otonomy by 1.0% during the 2nd quarter. BlackRock Inc. now owns 844,466 shares of the biopharmaceutical company’s stock worth $2,322,000 after purchasing an additional 8,148 shares during the period. Finally, Eversept Partners LP grew its holdings in shares of Otonomy by 8.0% during the 2nd quarter. Eversept Partners LP now owns 194,429 shares of the biopharmaceutical company’s stock worth $535,000 after purchasing an additional 14,329 shares during the period. Institutional investors and hedge funds own 53.29% 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.

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