Otonomy (OTIC) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Otonomy (NASDAQ:OTIC) from a hold rating to a sell rating in a report released on Wednesday.

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. “

Separately, Piper Jaffray Companies reaffirmed a hold rating and issued a $8.00 price target on shares of Otonomy in a research note on Friday, November 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $9.15.

Shares of Otonomy (NASDAQ:OTIC) traded down $0.03 on Wednesday, reaching $5.68. The company’s stock had a trading volume of 202,842 shares, compared to its average volume of 359,099. Otonomy has a one year low of $2.80 and a one year high of $21.15. The firm has a market capitalization of $172.16, a price-to-earnings ratio of -1.76 and a beta of 3.33.

Otonomy (NASDAQ:OTIC) last issued its quarterly earnings data on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.15. Otonomy had a negative return on equity of 60.74% and a negative net margin of 7,899.03%. The company had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.43 million. Otonomy’s revenue was down 12.8% on a year-over-year basis. research analysts predict that Otonomy will post -2.88 EPS for the current year.

Several large investors have recently modified their holdings of the company. Alliancebernstein L.P. boosted its stake in shares of Otonomy by 8.7% in the second quarter. Alliancebernstein L.P. now owns 672,876 shares of the biopharmaceutical company’s stock worth $12,684,000 after acquiring an additional 54,080 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Otonomy by 72.0% in the third quarter. Bank of New York Mellon Corp now owns 596,784 shares of the biopharmaceutical company’s stock worth $1,939,000 after acquiring an additional 249,845 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Otonomy by 10,065.2% in the second quarter. JPMorgan Chase & Co. now owns 517,410 shares of the biopharmaceutical company’s stock worth $9,753,000 after acquiring an additional 512,320 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Otonomy by 6.9% in the third quarter. Dimensional Fund Advisors LP now owns 436,003 shares of the biopharmaceutical company’s stock worth $1,417,000 after acquiring an additional 28,204 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Otonomy by 16.9% in the second quarter. Northern Trust Corp now owns 348,514 shares of the biopharmaceutical company’s stock worth $6,570,000 after acquiring an additional 50,261 shares during the last quarter. 60.57% of the stock is currently owned by hedge funds and other institutional investors.

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About Otonomy

Otonomy, Inc is a biopharmaceutical company. The Company focuses on the development and commercialization of therapeutics for diseases and disorders of the ear. The Company’s product candidates include OTIPRIO, OTO-104 and OTO-311. OTIPRIO is a single-dose, physician-administered antibacterial, which is used for the treatment of pediatric patients with bilateral otitis media with effusion undergoing tympanostomy tube placement (TTP) surgery and is available for commercial purchase.

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