Point72 Asset Management L.P. bought a new position in shares of Otonomy, Inc. (NASDAQ:OTIC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 600,400 shares of the biopharmaceutical company’s stock, valued at approximately $7,355,000. Point72 Asset Management L.P. owned approximately 1.98% of Otonomy as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Otonomy by 44.9% in the fourth quarter. State Street Corp now owns 526,176 shares of the biopharmaceutical company’s stock worth $8,368,000 after buying an additional 163,107 shares in the last quarter. Schroder Investment Management Group increased its stake in Otonomy by 37.5% in the first quarter. Schroder Investment Management Group now owns 763,368 shares of the biopharmaceutical company’s stock worth $9,351,000 after buying an additional 208,221 shares in the last quarter. Wellington Management Group LLP increased its stake in Otonomy by 28.9% in the first quarter. Wellington Management Group LLP now owns 4,211,357 shares of the biopharmaceutical company’s stock worth $51,590,000 after buying an additional 944,663 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in Otonomy during the fourth quarter worth about $304,000. Finally, Teachers Advisors LLC increased its stake in Otonomy by 5.0% in the fourth quarter. Teachers Advisors LLC now owns 40,811 shares of the biopharmaceutical company’s stock worth $649,000 after buying an additional 1,927 shares in the last quarter. 89.05% of the stock is currently owned by institutional investors and hedge funds.
Otonomy, Inc. (NASDAQ:OTIC) traded down 2.88% during trading on Friday, reaching $18.55. The company had a trading volume of 211,624 shares. The company has a 50-day moving average price of $17.82 and a 200 day moving average price of $14.80. Otonomy, Inc. has a one year low of $11.30 and a one year high of $20.15. The company’s market capitalization is $561.25 million.
Otonomy (NASDAQ:OTIC) last posted its quarterly earnings data on Thursday, May 4th. The biopharmaceutical company reported ($0.89) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.84) by $0.05. The firm had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $0.50 million. Otonomy had a negative net margin of 10,787.74% and a negative return on equity of 54.31%. Analysts expect that Otonomy, Inc. will post ($3.44) earnings per share for the current year.
OTIC has been the topic of a number of recent research reports. Piper Jaffray Companies initiated coverage on Otonomy in a research report on Friday, June 2nd. They issued an “overweight” rating and a $32.00 target price on the stock. Zacks Investment Research upgraded Otonomy from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Thursday, May 4th.
In other Otonomy news, insider Eric J. Loumeau sold 3,522 shares of the stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $18.59, for a total value of $65,473.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.70% of the company’s stock.
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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