Otonomy (NASDAQ:OTIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $2.75 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 8.70% from the stock’s previous close.

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, ValuEngine lowered shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $5.92.

OTIC stock traded down $0.03 during mid-day trading on Tuesday, hitting $2.53. The company had a trading volume of 43,386 shares, compared to its average volume of 91,077. The firm’s fifty day moving average is $2.55. Otonomy has a 12 month low of $1.50 and a 12 month high of $3.95. The company has a debt-to-equity ratio of 0.45, a quick ratio of 9.07 and a current ratio of 9.07. The stock has a market cap of $79.17 million, a price-to-earnings ratio of -1.55 and a beta of 2.37.

Otonomy (NASDAQ:OTIC) last posted its quarterly earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.07. Otonomy had a negative net margin of 8,007.55% and a negative return on equity of 60.14%. The company had revenue of $0.19 million for the quarter, compared to analyst estimates of $0.33 million. As a group, sell-side analysts forecast that Otonomy will post -1.86 EPS for the current year.

A number of large investors have recently modified their holdings of the stock. 683 Capital Management LLC grew its stake in Otonomy by 37.5% during the fourth quarter. 683 Capital Management LLC now owns 1,100,000 shares of the biopharmaceutical company’s stock valued at $2,035,000 after acquiring an additional 300,000 shares in the last quarter. Sofinnova Investments Inc. grew its stake in Otonomy by 3.7% during the fourth quarter. Sofinnova Investments Inc. now owns 1,023,865 shares of the biopharmaceutical company’s stock valued at $1,894,000 after acquiring an additional 36,087 shares in the last quarter. Pura Vida Investments LLC grew its stake in Otonomy by 211.6% during the fourth quarter. Pura Vida Investments LLC now owns 896,387 shares of the biopharmaceutical company’s stock valued at $1,658,000 after acquiring an additional 608,730 shares in the last quarter. BlackRock Inc. grew its stake in Otonomy by 4.4% during the fourth quarter. BlackRock Inc. now owns 841,216 shares of the biopharmaceutical company’s stock valued at $1,557,000 after acquiring an additional 35,592 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in Otonomy by 31.6% during the first quarter. Acadian Asset Management LLC now owns 119,044 shares of the biopharmaceutical company’s stock valued at $314,000 after acquiring an additional 28,551 shares in the last quarter. 53.31% of the stock is owned by institutional investors.

Otonomy Company Profile

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. It also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase I/II clinical trial to treat tinnitus; and OTO-413, a proprietary formulation of brain-derived neurotrophic factor that is in Phase I/II clinical trial for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

See Also: What is a stock split?

Get a free copy of the Zacks research report on Otonomy (OTIC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Otonomy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otonomy and related companies with MarketBeat.com's FREE daily email newsletter.