Otonomy (NASDAQ:OTIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm presently has a $4.75 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 15.85% 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 research analysts also recently weighed in on OTIC. JPMorgan Chase downgraded shares of Otonomy from a “neutral” rating to an “underweight” rating in a report on Monday, March 19th. Piper Jaffray raised shares of Otonomy from a “neutral” rating to an “overweight” rating in a report on Monday, March 12th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $8.95.
Otonomy (NASDAQ:OTIC) last issued its earnings results on Thursday, March 8th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, topping the consensus estimate of ($0.67) by $0.05. The company had revenue of $0.27 million during the quarter, compared to the consensus estimate of $0.46 million. Otonomy had a negative net margin of 7,292.07% and a negative return on equity of 63.35%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. analysts expect that Otonomy will post -1.72 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its position in shares of Otonomy by 2,178.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 22,377 shares of the biopharmaceutical company’s stock valued at $125,000 after buying an additional 21,395 shares in the last quarter. Elkfork Partners LLC purchased a new stake in shares of Otonomy during the 4th quarter valued at about $151,000. Acadian Asset Management LLC raised its position in shares of Otonomy by 722.6% during the 4th quarter. Acadian Asset Management LLC now owns 35,996 shares of the biopharmaceutical company’s stock valued at $200,000 after buying an additional 31,620 shares in the last quarter. Highland Capital Management LP purchased a new stake in shares of Otonomy during the 4th quarter valued at about $222,000. Finally, Worth Venture Partners LLC raised its position in shares of Otonomy by 67.6% during the 4th quarter. Worth Venture Partners LLC now owns 53,760 shares of the biopharmaceutical company’s stock valued at $299,000 after buying an additional 21,685 shares in the last quarter. 71.62% of the stock is owned by institutional investors and hedge funds.
About Otonomy
Otonomy, Inc, a biopharmaceutical company, engages in the development and commercialization of therapeutics for otology in the United States. It offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. The company also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; and OTO- 313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which has completed a Phase 1 clinical safety trial for the treatment of tinnitus.
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