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

Zacks Investment Research upgraded shares of Otonomy (NASDAQ:OTIC) from a hold rating to a strong-buy rating in a research note released on Saturday morning, Zacks.com reports. The brokerage currently has $2.75 price objective on the biopharmaceutical company’s stock.

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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. “

OTIC has been the subject of several other research reports. ValuEngine lowered Otonomy from a hold rating to a sell rating in a report on Friday. HC Wainwright restated a buy rating and issued a $8.00 price objective on shares of Otonomy in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $5.25.

Shares of OTIC stock traded up $0.06 on Friday, hitting $2.48. 64,500 shares of the stock traded hands, compared to its average volume of 74,960. The company has a debt-to-equity ratio of 0.52, a current ratio of 7.32 and a quick ratio of 7.32. The company has a market capitalization of $70.41 million, a PE ratio of -1.50 and a beta of 2.48. The company’s fifty day moving average is $2.21 and its 200 day moving average is $2.44. Otonomy has a 1-year low of $1.50 and a 1-year high of $3.15.

Otonomy (NASDAQ:OTIC) last announced its quarterly earnings data on Tuesday, November 5th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.45) by $0.12. The business had revenue of $0.13 million during the quarter, compared to analyst estimates of $0.31 million. Otonomy had a negative return on equity of 67.20% and a negative net margin of 6,516.78%. As a group, equities research analysts expect that Otonomy will post -1.7 EPS for the current year.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Otonomy by 0.5% in the second quarter. Vanguard Group Inc. now owns 1,176,798 shares of the biopharmaceutical company’s stock valued at $3,236,000 after buying an additional 5,768 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Otonomy by 5.1% during the second quarter. Acadian Asset Management LLC now owns 125,088 shares of the biopharmaceutical company’s stock valued at $345,000 after purchasing an additional 6,044 shares during the last quarter. Man Group plc lifted its holdings in shares of Otonomy by 4.5% during the second quarter. Man Group plc now owns 150,640 shares of the biopharmaceutical company’s stock valued at $414,000 after purchasing an additional 6,500 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Otonomy by 1.0% during the second quarter. BlackRock Inc. now owns 844,466 shares of the biopharmaceutical company’s stock valued at $2,322,000 after purchasing an additional 8,148 shares during the last quarter. Finally, Eversept Partners LP lifted its holdings in shares of Otonomy by 8.0% during the second quarter. Eversept Partners LP now owns 194,429 shares of the biopharmaceutical company’s stock valued at $535,000 after purchasing an additional 14,329 shares during the last quarter. Institutional investors and hedge funds own 53.29% 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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