Piper Jaffray Companies reaffirmed their hold rating on shares of Otonomy, Inc. (NASDAQ:OTIC) in a research report report published on Friday. The firm currently has a $8.00 target price on the biopharmaceutical company’s stock.
OTIC has been the subject of a number of other research reports. SunTrust Banks, Inc. restated a buy rating and set a $15.00 target price (down previously from $45.00) on shares of Otonomy in a research report on Thursday, August 31st. J P Morgan Chase & Co lowered shares of Otonomy from an overweight rating to a neutral rating and dropped their target price for the stock from $28.00 to $8.00 in a research report on Wednesday, August 30th. Zacks Investment Research upgraded shares of Otonomy from a sell rating to a hold rating in a research report on Friday, August 18th. ValuEngine lowered shares of Otonomy from a sell rating to a strong sell rating in a research report on Friday, September 1st. Finally, Cowen and Company restated an outperform rating and set a $9.00 target price (down previously from $55.00) on shares of Otonomy in a research report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Otonomy presently has an average rating of Hold and an average target price of $10.00.
Otonomy (OTIC) opened at $5.17 on Friday. Otonomy has a 12-month low of $2.80 and a 12-month high of $21.15.
Otonomy (NASDAQ:OTIC) last issued its earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.84) by $0.15. Otonomy had a negative net margin of 7,899.03% and a negative return on equity of 60.74%. The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.43 million. The company’s quarterly revenue was down 12.8% on a year-over-year basis. sell-side analysts predict that Otonomy will post -3 earnings per share for the current year.
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A number of institutional investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new stake in Otonomy during the third quarter valued at $263,000. Bank of New York Mellon Corp raised its stake in Otonomy by 72.0% during the third quarter. Bank of New York Mellon Corp now owns 596,784 shares of the biopharmaceutical company’s stock valued at $1,939,000 after purchasing an additional 249,845 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Otonomy during the third quarter valued at $126,000. Lakeview Capital Partners LLC purchased a new stake in Otonomy during the third quarter valued at $120,000. Finally, California State Teachers Retirement System raised its stake in Otonomy by 5.7% during the second quarter. California State Teachers Retirement System now owns 49,993 shares of the biopharmaceutical company’s stock valued at $942,000 after purchasing an additional 2,700 shares in the last quarter. 78.12% of the stock is currently owned by institutional investors.
Otonomy Company Profile
Otonomy, Inc is a biopharmaceutical company. The Company focuses on the development and commercialization of therapeutics for diseases and disorders of the ear. The Company’s product candidates include OTIPRIO, OTO-104 and OTO-311. OTIPRIO is a single-dose, physician-administered antibacterial, which is used for the treatment of pediatric patients with bilateral otitis media with effusion undergoing tympanostomy tube placement (TTP) surgery and is available for commercial purchase.
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