Otonomy (OTIC) Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Otonomy (NASDAQ:OTIC) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

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 reaffirmed a hold rating and set a $8.00 target price on shares of Otonomy in a report on Friday, November 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $9.15.

Otonomy (NASDAQ:OTIC) traded down $0.03 during trading on Wednesday, reaching $5.68. The company had a trading volume of 202,842 shares, compared to its average volume of 359,099. The firm has a market capitalization of $172.16, a price-to-earnings ratio of -1.76 and a beta of 3.33. Otonomy has a 12-month low of $2.80 and a 12-month high of $21.15.

Otonomy (NASDAQ:OTIC) last posted its earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.84) by $0.15. The firm had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.43 million. Otonomy had a negative return on equity of 60.74% and a negative net margin of 7,899.03%. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. research analysts predict that Otonomy will post -2.88 EPS for the current year.

A number of institutional investors have recently bought and sold shares of OTIC. Schwab Charles Investment Management Inc. grew its holdings in Otonomy by 12.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 129,642 shares of the biopharmaceutical company’s stock valued at $2,444,000 after purchasing an additional 14,856 shares during the period. Rhumbline Advisers grew its holdings in Otonomy by 19.8% in the second quarter. Rhumbline Advisers now owns 33,380 shares of the biopharmaceutical company’s stock valued at $629,000 after purchasing an additional 5,523 shares during the period. SG Americas Securities LLC acquired a new stake in Otonomy in the second quarter valued at approximately $115,000. Bank of New York Mellon Corp grew its holdings in Otonomy by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 346,939 shares of the biopharmaceutical company’s stock valued at $6,539,000 after purchasing an additional 11,783 shares during the period. Finally, Legal & General Group Plc grew its holdings in Otonomy by 13.3% in the second quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock valued at $119,000 after purchasing an additional 746 shares during the period. 60.57% of the stock is currently owned by hedge funds and other institutional investors.

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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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