Zacks Investment Research downgraded shares of Otonomy (NASDAQ:OTIC) from a buy rating to a hold rating in a research note released on Friday.
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, Piper Jaffray Companies raised shares of Otonomy from a neutral rating to an overweight rating in a report on Monday, March 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $9.15.
Shares of Otonomy stock opened at $5.05 on Friday. Otonomy has a 1-year low of $2.80 and a 1-year high of $21.15. The company has a market cap of $154.42, a price-to-earnings ratio of -1.70 and a beta of 2.94.
Otonomy (NASDAQ:OTIC) last posted its quarterly earnings results on Thursday, March 8th. The biopharmaceutical company reported ($0.62) EPS for the quarter, beating the consensus estimate of ($0.67) by $0.05. Otonomy had a negative net margin of 7,292.07% and a negative return on equity of 63.35%. The company had revenue of $0.27 million for the quarter, compared to analyst estimates of $0.46 million. Otonomy’s revenue was down 1.1% on a year-over-year basis. analysts predict that Otonomy will post -1.8 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. First Manhattan Co. purchased a new stake in shares of Otonomy during the 4th quarter worth about $10,556,000. Bank of New York Mellon Corp boosted its stake in shares of Otonomy by 72.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 596,784 shares of the biopharmaceutical company’s stock worth $1,939,000 after acquiring an additional 249,845 shares in the last quarter. DLD Asset Management LP boosted its stake in shares of Otonomy by 110.2% during the 4th quarter. DLD Asset Management LP now owns 510,000 shares of the biopharmaceutical company’s stock worth $2,831,000 after acquiring an additional 267,400 shares in the last quarter. Hudson Bay Capital Management LP boosted its stake in shares of Otonomy by 33.3% during the 4th quarter. Hudson Bay Capital Management LP now owns 200,000 shares of the biopharmaceutical company’s stock worth $1,110,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Otonomy during the 3rd quarter worth about $263,000. 72.33% of the stock is currently owned by institutional investors and hedge funds.
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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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