Otonomy (NASDAQ:OTIC) PT Raised to $6.00 at Oppenheimer

Otonomy (NASDAQ:OTICGet Rating) had its price target upped by Oppenheimer from $5.00 to $6.00 in a note issued to investors on Wednesday, The Fly reports. Oppenheimer’s target price suggests a potential upside of 159.74% from the stock’s previous close.

OTIC has been the topic of several other research reports. StockNews.com initiated coverage on Otonomy in a report on Thursday, March 31st. They set a “sell” rating on the stock. Zacks Investment Research lowered Otonomy from a “buy” rating to a “hold” rating in a research note on Friday, March 4th.

NASDAQ:OTIC traded up $0.14 during midday trading on Wednesday, hitting $2.31. 38,781 shares of the company traded hands, compared to its average volume of 143,478. The firm’s fifty day moving average is $2.24 and its 200-day moving average is $2.11. Otonomy has a 12-month low of $1.14 and a 12-month high of $2.59. The firm has a market capitalization of $131.05 million, a P/E ratio of -2.85 and a beta of 1.71. The company has a current ratio of 6.52, a quick ratio of 6.52 and a debt-to-equity ratio of 0.29.

Otonomy (NASDAQ:OTICGet Rating) last released its quarterly earnings results on Monday, February 28th. The biopharmaceutical company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.02). During the same quarter in the prior year, the firm posted ($0.20) earnings per share. On average, research analysts expect that Otonomy will post -0.73 EPS for the current fiscal year.

In other news, CEO David Allen Weber sold 11,243 shares of the firm’s stock in a transaction on Monday, March 28th. The stock was sold at an average price of $2.41, for a total transaction of $27,095.63. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last quarter, insiders sold 24,968 shares of company stock worth $59,965. Insiders own 7.90% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Barclays PLC increased its stake in shares of Otonomy by 229.2% during the third quarter. Barclays PLC now owns 15,240 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 10,610 shares during the period. Millennium Management LLC purchased a new position in shares of Otonomy during the fourth quarter valued at $39,000. Lynx1 Capital Management LP purchased a new position in shares of Otonomy during the fourth quarter valued at $62,000. Morgan Stanley increased its stake in shares of Otonomy by 378.9% during the second quarter. Morgan Stanley now owns 31,606 shares of the biopharmaceutical company’s stock valued at $70,000 after buying an additional 25,006 shares during the period. Finally, Two Sigma Securities LLC purchased a new position in shares of Otonomy during the third quarter valued at $72,000. Hedge funds and other institutional investors own 61.82% of the company’s stock.

About Otonomy (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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