Otonomy (NASDAQ:OTIC) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of Otonomy (NASDAQ:OTICGet Rating) in a note issued to investors on Thursday. The firm set a “sell” rating on the biopharmaceutical company’s stock.

A number of other research analysts have also weighed in on OTIC. Zacks Investment Research lowered shares of Otonomy from a “buy” rating to a “hold” rating in a report on Friday, March 4th. Oppenheimer raised their target price on shares of Otonomy from $5.00 to $6.00 and gave the company an “outperform” rating in a report on Wednesday. One investment 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $4.50.

Shares of OTIC opened at $2.27 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 6.52 and a quick ratio of 6.52. Otonomy has a 1 year low of $1.14 and a 1 year high of $2.59. The company has a 50 day simple moving average of $2.26 and a two-hundred day simple moving average of $2.12. The firm has a market cap of $128.78 million, a P/E ratio of -2.80 and a beta of 1.71.

Otonomy (NASDAQ:OTICGet Rating) last announced its quarterly earnings data on Monday, February 28th. The biopharmaceutical company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.02). During the same quarter last year, the firm earned ($0.20) EPS. On average, sell-side analysts anticipate that Otonomy will post -0.73 earnings per share for the current year.

In other Otonomy news, CEO David Allen Weber sold 11,243 shares of Otonomy stock in a transaction on Monday, March 28th. The shares were sold at an average price of $2.41, for a total transaction of $27,095.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 24,968 shares of company stock valued at $59,965 over the last ninety days. 7.90% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of OTIC. Barclays PLC lifted its position in shares of Otonomy by 229.2% during the third quarter. Barclays PLC now owns 15,240 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 10,610 shares during the last quarter. Millennium Management LLC bought a new stake in shares of Otonomy during the fourth quarter worth $39,000. Lynx1 Capital Management LP bought a new stake in shares of Otonomy during the fourth quarter worth $62,000. Morgan Stanley lifted its position in shares of Otonomy by 378.9% during the second quarter. Morgan Stanley now owns 31,606 shares of the biopharmaceutical company’s stock worth $70,000 after purchasing an additional 25,006 shares during the last quarter. Finally, Two Sigma Securities LLC bought a new stake in shares of Otonomy during the third quarter worth $72,000. 61.82% of the stock is owned by institutional investors.

Otonomy Company Profile (Get Rating)

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase II clinical trials to treat tinnitus; and OTO-413, a sustained-exposure formulation of brain-derived neurotrophic factor that is in Phase IIa clinical trials for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

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