Otonomy (NASDAQ:OTIC) Rating Increased to Buy at Zacks Investment Research

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Otonomy (NASDAQ:OTIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has a $2.75 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price points to a potential upside of 9.56% from the stock’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. “

Separately, ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $5.92.

NASDAQ:OTIC opened at $2.51 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 9.07 and a current ratio of 9.07. The business’s 50 day moving average price is $2.54. Otonomy has a 52 week low of $1.50 and a 52 week high of $3.95.

Otonomy (NASDAQ:OTIC) last posted its earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.07. Otonomy had a negative return on equity of 60.14% and a negative net margin of 8,007.55%. The firm had revenue of $0.19 million for the quarter, compared to analysts’ expectations of $0.33 million. On average, research analysts forecast that Otonomy will post -1.86 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Spark Investment Management LLC boosted its holdings in Otonomy by 59.5% during the first quarter. Spark Investment Management LLC now owns 46,207 shares of the biopharmaceutical company’s stock valued at $121,000 after purchasing an additional 17,241 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of Otonomy in the 1st quarter worth approximately $225,000. Acadian Asset Management LLC boosted its holdings in shares of Otonomy by 31.6% in the 1st quarter. Acadian Asset Management LLC now owns 119,044 shares of the biopharmaceutical company’s stock worth $314,000 after acquiring an additional 28,551 shares in the last quarter. BlackRock Inc. raised its position in Otonomy by 4.4% in the 4th quarter. BlackRock Inc. now owns 841,216 shares of the biopharmaceutical company’s stock worth $1,557,000 after purchasing an additional 35,592 shares during the last quarter. Finally, Sofinnova Investments Inc. raised its position in Otonomy by 3.7% in the 4th quarter. Sofinnova Investments Inc. now owns 1,023,865 shares of the biopharmaceutical company’s stock worth $1,894,000 after purchasing an additional 36,087 shares during the last quarter. 53.31% of the stock is currently owned by institutional investors and hedge funds.

About Otonomy

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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