Zacks Investment Research Lowers Otonomy (NASDAQ:OTIC) to Hold

Zacks Investment Research cut shares of Otonomy (NASDAQ:OTIC) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

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 downgraded Zosano Pharma from a buy rating to a hold rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Otonomy presently has an average rating of Hold and an average price target of $5.92.

NASDAQ:OTIC opened at $2.52 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 released its earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $0.19 million for the quarter, compared to the consensus estimate 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 large investors have recently added to or reduced their stakes in OTIC. Spark Investment Management LLC lifted its holdings in shares of Otonomy by 59.5% in the 1st quarter. Spark Investment Management LLC now owns 46,207 shares of the biopharmaceutical company’s stock worth $121,000 after purchasing an additional 17,241 shares during the last quarter. Acadian Asset Management LLC lifted 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 purchasing an additional 28,551 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of 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. Sofinnova Investments Inc. lifted its holdings in shares of 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. Finally, Mercer Global Advisors Inc. ADV bought a new stake in shares of Otonomy in the 1st quarter worth approximately $225,000. 53.31% of the stock is currently owned by institutional investors.

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.

Further Reading: Book Value Per Share – BVPS

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