Zacks Investment Research downgraded shares of Otonomy (NASDAQ:OTIC) from a buy rating to a hold rating in a research report sent to investors 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. “
Other research analysts also recently issued reports about the company. ValuEngine downgraded Otonomy from a hold rating to a sell rating in a report on Tuesday, December 25th. Cantor Fitzgerald assumed coverage on Otonomy in a report on Wednesday, November 14th. They issued an overweight rating and a $9.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $7.00.
Otonomy (NASDAQ:OTIC) last announced its quarterly earnings results on Tuesday, November 6th. The biopharmaceutical company reported ($0.41) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.47) by $0.06. Otonomy had a negative return on equity of 54.24% and a negative net margin of 6,983.40%. The business had revenue of $0.11 million for the quarter, compared to the consensus estimate of $0.25 million. Sell-side analysts forecast that Otonomy will post -1.7 EPS for the current fiscal year.
Several large investors have recently made changes to their positions in OTIC. Jane Street Group LLC purchased a new position in shares of Otonomy in the 2nd quarter valued at $109,000. Laurion Capital Management LP purchased a new position in shares of Otonomy in the 2nd quarter valued at $126,000. Paloma Partners Management Co purchased a new position in Otonomy during the 2nd quarter worth $529,000. Millennium Management LLC grew its stake in Otonomy by 409.4% during the 2nd quarter. Millennium Management LLC now owns 596,329 shares of the biopharmaceutical company’s stock worth $2,296,000 after buying an additional 479,271 shares during the last quarter. Finally, 683 Capital Management LLC grew its stake in Otonomy by 23.1% during the 2nd quarter. 683 Capital Management LLC now owns 800,000 shares of the biopharmaceutical company’s stock worth $3,080,000 after buying an additional 150,000 shares during the last quarter. Institutional investors and hedge funds own 61.66% of the company’s stock.
Otonomy Company Profile
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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