Otonomy Inc. (OTIC) Rating Increased to Hold at Zacks Investment Research
Otonomy Inc. (NASDAQ:OTIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.
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. “
A number of other brokerages have also weighed in on OTIC. WallachBeth Capital assumed coverage on shares of Otonomy in a research note on Thursday, May 26th. They issued a “buy” rating and a $29.00 price target for the company. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $32.00 price target (down from $42.00) on shares of Otonomy in a research note on Monday, August 8th.
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Otonomy (NASDAQ:OTIC) traded up 1.24% during mid-day trading on Thursday, reaching $18.00. 87,616 shares of the company’s stock traded hands. The company has a 50-day moving average of $16.51 and a 200-day moving average of $15.35. The company’s market capitalization is $543.02 million. Otonomy has a 52-week low of $10.50 and a 52-week high of $31.15.
Hedge funds have recently added to or reduced their stakes in the stock. Metropolitan Life Insurance Co. NY raised its stake in Otonomy by 3.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 18,785 shares of the biopharmaceutical company’s stock valued at $298,000 after buying an additional 593 shares in the last quarter. ProShare Advisors LLC raised its stake in Otonomy by 3.7% in the second quarter. ProShare Advisors LLC now owns 25,354 shares of the biopharmaceutical company’s stock valued at $403,000 after buying an additional 907 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Otonomy by 0.6% in the first quarter. Goldman Sachs Group Inc. now owns 380,986 shares of the biopharmaceutical company’s stock valued at $5,685,000 after buying an additional 2,401 shares in the last quarter. Nationwide Fund Advisors raised its stake in Otonomy by 10.9% in the second quarter. Nationwide Fund Advisors now owns 36,529 shares of the biopharmaceutical company’s stock valued at $580,000 after buying an additional 3,602 shares in the last quarter. Finally, American International Group Inc. raised its stake in Otonomy by 59.9% in the second quarter. American International Group Inc. now owns 13,835 shares of the biopharmaceutical company’s stock valued at $220,000 after buying an additional 5,183 shares in the last quarter. 87.13% of the stock is owned by institutional investors and hedge funds.
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 has developed a technology referred to as sustained-exposure that is designed to deliver drug that is retained in the ear for an extended period of time following a local administration.
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