Otonomy Inc (OTIC) Upgraded to Buy at Zacks Investment Research

Otonomy Inc (NASDAQ:OTIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, May 4th. The firm presently has a $15.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.94% from the company’s current price.

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. “

Shares of Otonomy (NASDAQ:OTIC) traded down 3.25% during trading on Thursday, hitting $13.40. 127,607 shares of the stock were exchanged. The firm’s market capitalization is $405.43 million. Otonomy has a 52 week low of $11.30 and a 52 week high of $19.38. The firm has a 50 day moving average price of $13.16 and a 200 day moving average price of $14.86.

Otonomy (NASDAQ:OTIC) last posted its quarterly earnings results on Thursday, May 4th. The biopharmaceutical company reported ($0.89) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.84) by $0.05. The business had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $0.50 million. Analysts forecast that Otonomy will post ($3.37) EPS for the current fiscal year.

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Institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. purchased a new position in Otonomy during the first quarter valued at $7,355,000. Credit Suisse AG boosted its position in Otonomy by 3.3% in the first quarter. Credit Suisse AG now owns 33,871 shares of the biopharmaceutical company’s stock valued at $415,000 after buying an additional 1,082 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in Otonomy during the first quarter valued at $216,000. Kingdon Capital Management L.L.C. boosted its position in Otonomy by 27.9% in the first quarter. Kingdon Capital Management L.L.C. now owns 773,693 shares of the biopharmaceutical company’s stock valued at $9,478,000 after buying an additional 168,833 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in Otonomy by 6.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 114,786 shares of the biopharmaceutical company’s stock valued at $1,407,000 after buying an additional 6,798 shares during the last quarter. Hedge funds and other institutional investors own 83.55% of the company’s stock.

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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