Otonomy (NASDAQ:OTIC) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Otonomy (NASDAQ:OTIC) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. The firm currently has $2.75 price objective on the biopharmaceutical company’s stock.

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 shares of 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 issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $5.92.

OTIC stock opened at $2.51 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 9.07 and a quick ratio of 9.07. The company has a 50-day simple moving average of $2.53. Otonomy has a 52 week low of $1.50 and a 52 week high of $3.95. The firm has a market capitalization of $77.02 million, a P/E ratio of -1.52 and a beta of 2.36.

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

A number of institutional investors have recently made changes to their positions in OTIC. BlackRock Inc. boosted its holdings in Otonomy by 4.4% during the fourth quarter. BlackRock Inc. now owns 841,216 shares of the biopharmaceutical company’s stock worth $1,557,000 after buying an additional 35,592 shares in the last quarter. 683 Capital Management LLC boosted its stake in Otonomy by 37.5% in the 4th quarter. 683 Capital Management LLC now owns 1,100,000 shares of the biopharmaceutical company’s stock worth $2,035,000 after purchasing an additional 300,000 shares during the period. Sofinnova Investments Inc. boosted its stake 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 period. Mercer Global Advisors Inc. ADV acquired a new position in Otonomy in the 1st quarter worth approximately $225,000. Finally, Spark Investment Management LLC boosted its stake in 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 period. Hedge funds and other institutional investors own 53.31% of the company’s stock.

Otonomy Company Profile

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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