Otonomy (NASDAQ:OTIC) Rating Increased 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 research note published on Tuesday, Zacks.com reports. Zacks Investment Research 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 analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Otonomy currently has a consensus rating of Hold and a consensus price target of $5.92.

Shares of NASDAQ OTIC opened at $2.52 on Tuesday. The company has a current ratio of 9.07, a quick ratio of 9.07 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $77.60 million, a P/E ratio of -1.53 and a beta of 2.36. Otonomy has a 1 year low of $1.50 and a 1 year high of $3.95. The stock has a 50-day moving average price of $2.54.

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

Several large investors have recently modified their holdings of OTIC. 683 Capital Management LLC increased its holdings in Otonomy by 37.5% during the fourth quarter. 683 Capital Management LLC now owns 1,100,000 shares of the biopharmaceutical company’s stock valued at $2,035,000 after buying an additional 300,000 shares during the period. Sofinnova Investments Inc. increased its holdings in Otonomy by 3.7% during the fourth quarter. Sofinnova Investments Inc. now owns 1,023,865 shares of the biopharmaceutical company’s stock valued at $1,894,000 after buying an additional 36,087 shares during the period. Pura Vida Investments LLC increased its holdings in Otonomy by 211.6% during the fourth quarter. Pura Vida Investments LLC now owns 896,387 shares of the biopharmaceutical company’s stock valued at $1,658,000 after buying an additional 608,730 shares during the period. BlackRock Inc. increased its holdings in Otonomy by 4.4% during the fourth quarter. BlackRock Inc. now owns 841,216 shares of the biopharmaceutical company’s stock valued at $1,557,000 after buying an additional 35,592 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in Otonomy by 31.6% during the first quarter. Acadian Asset Management LLC now owns 119,044 shares of the biopharmaceutical company’s stock valued at $314,000 after buying an additional 28,551 shares during the period. 53.31% of the stock is currently owned by institutional investors and hedge funds.

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.

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