Otonomy (OTIC) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Otonomy (NASDAQ:OTIC) from a buy rating to a hold rating in a research 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. “

A number of other research firms also recently weighed in on OTIC. Cantor Fitzgerald assumed coverage on Otonomy in a research report on Wednesday, November 14th. They issued an overweight rating and a $9.00 target price for the company. ValuEngine upgraded Otonomy from a sell rating to a hold rating in a research report on Wednesday, January 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $7.00.

Shares of NASDAQ OTIC traded up $0.03 during midday trading on Wednesday, hitting $2.02. 3,476 shares of the company’s stock were exchanged, compared to its average volume of 152,197. Otonomy has a 12-month low of $1.50 and a 12-month high of $6.45. The firm has a market capitalization of $58.20 million, a price-to-earnings ratio of -0.68 and a beta of 2.59.

Otonomy (NASDAQ:OTIC) last released its earnings results on Tuesday, November 6th. The biopharmaceutical company reported ($0.41) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.47) by $0.06. The company had revenue of $0.11 million during the quarter, compared to the consensus estimate of $0.25 million. Otonomy had a negative return on equity of 54.24% and a negative net margin of 6,983.40%. As a group, analysts anticipate that Otonomy will post -1.7 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in Otonomy by 5.7% in the third quarter. Dimensional Fund Advisors LP now owns 1,486,012 shares of the biopharmaceutical company’s stock valued at $4,087,000 after purchasing an additional 79,791 shares during the last quarter. Renaissance Technologies LLC lifted its position in Otonomy by 6.3% in the third quarter. Renaissance Technologies LLC now owns 1,439,700 shares of the biopharmaceutical company’s stock valued at $3,959,000 after purchasing an additional 84,900 shares during the last quarter. Vanguard Group Inc lifted its position in Otonomy by 11.2% in the third quarter. Vanguard Group Inc now owns 1,127,033 shares of the biopharmaceutical company’s stock valued at $3,100,000 after purchasing an additional 113,457 shares during the last quarter. Vanguard Group Inc. lifted its position in Otonomy by 11.2% in the third quarter. Vanguard Group Inc. now owns 1,127,033 shares of the biopharmaceutical company’s stock valued at $3,100,000 after purchasing an additional 113,457 shares during the last quarter. Finally, 683 Capital Management LLC lifted its position in Otonomy by 23.1% in the second quarter. 683 Capital Management LLC now owns 800,000 shares of the biopharmaceutical company’s stock valued at $3,080,000 after purchasing an additional 150,000 shares during the last quarter. Hedge funds and other institutional investors 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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