Otonomy Inc (NASDAQ:OTIC)’s share price reached a new 52-week low on Thursday . The company traded as low as $2.46 and last traded at $2.50, with a volume of 3605 shares traded. The stock had previously closed at $2.55.

OTIC has been the subject of a number of research reports. Zacks Investment Research lowered Otonomy from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. SunTrust Banks dropped their price target on Otonomy to $10.00 and set a “buy” rating for the company in a research note on Tuesday, August 14th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $7.58.

The company has a market cap of $84.23 million, a P/E ratio of -0.81 and a beta of 2.94.

Otonomy (NASDAQ:OTIC) last announced its quarterly earnings results on Wednesday, August 8th. The biopharmaceutical company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.06). Otonomy had a negative net margin of 6,640.16% and a negative return on equity of 56.60%. The firm had revenue of $0.12 million for the quarter, compared to the consensus estimate of $0.30 million. As a group, analysts anticipate that Otonomy Inc will post -1.77 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. 683 Capital Management LLC boosted its stake in Otonomy by 23.1% during the second quarter. 683 Capital Management LLC now owns 800,000 shares of the biopharmaceutical company’s stock valued at $3,080,000 after buying an additional 150,000 shares during the last quarter. Jane Street Group LLC bought a new position in Otonomy during the second quarter valued at approximately $109,000. Millennium Management LLC boosted its stake in Otonomy by 409.4% during the second quarter. Millennium Management LLC now owns 596,329 shares of the biopharmaceutical company’s stock valued at $2,296,000 after buying an additional 479,271 shares during the last quarter. Paloma Partners Management Co bought a new position in Otonomy during the second quarter valued at approximately $529,000. Finally, Laurion Capital Management LP bought a new position in Otonomy during the second quarter valued at approximately $126,000. 62.39% of the stock is owned by institutional investors.

Otonomy Company Profile (NASDAQ:OTIC)

Otonomy, Inc, a biopharmaceutical company, engages in the development and commercialization of therapeutics for otology in the United States. It offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. The company also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; and OTO- 313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which has completed a Phase 1 clinical safety trial for the treatment of tinnitus.

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