Otonomy Inc (NASDAQ:OTIC)’s share price rose 6.9% on Thursday . The company traded as high as $5.60 and last traded at $5.45. Approximately 621,518 shares were traded during trading, a decline of 22% from the average daily volume of 795,532 shares. The stock had previously closed at $5.10.

OTIC has been the topic of a number of recent analyst reports. Piper Jaffray Companies downgraded shares of Otonomy from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $32.00 to $8.00 in a research note on Wednesday, August 30th. Cowen reissued an “outperform” rating and issued a $9.00 target price (down previously from $55.00) on shares of Otonomy in a research note on Thursday, August 31st. SunTrust Banks reissued a “buy” rating and issued a $15.00 target price (down previously from $45.00) on shares of Otonomy in a research note on Thursday, August 31st. Zacks Investment Research raised shares of Otonomy from a “hold” rating to a “buy” rating and set a $5.75 target price on the stock in a research note on Tuesday, November 14th. Finally, JPMorgan Chase & Co. downgraded shares of Otonomy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $28.00 to $8.00 in a research note on Wednesday, August 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three 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.

The company has a market capitalization of $165.34, a P/E ratio of -1.69 and a beta of 3.33.

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

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Otonomy by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 1,004,584 shares of the biopharmaceutical company’s stock worth $12,306,000 after buying an additional 81,050 shares during the period. Alliancebernstein L.P. increased its stake in Otonomy by 8.7% during the 2nd quarter. Alliancebernstein L.P. now owns 672,876 shares of the biopharmaceutical company’s stock worth $12,684,000 after buying an additional 54,080 shares during the period. Bank of New York Mellon Corp increased its stake in Otonomy by 72.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 596,784 shares of the biopharmaceutical company’s stock worth $1,939,000 after buying an additional 249,845 shares during the period. JPMorgan Chase & Co. increased its stake in Otonomy by 10,065.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 517,410 shares of the biopharmaceutical company’s stock worth $9,753,000 after buying an additional 512,320 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Otonomy by 6.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 436,003 shares of the biopharmaceutical company’s stock worth $1,417,000 after buying an additional 28,204 shares during the period. 60.57% of the stock is currently owned by institutional investors and hedge funds.

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About Otonomy

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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