StockNews.com Begins Coverage on Otonomy (NASDAQ:OTIC)

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

Several other research firms have also recently commented on OTIC. Piper Sandler cut Otonomy from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $3.00 to $0.50 in a research note on Thursday, October 13th. HC Wainwright cut Otonomy from a “buy” rating to a “neutral” rating in a research note on Tuesday, August 2nd.

Otonomy Stock Performance

NASDAQ:OTIC opened at $0.08 on Tuesday. Otonomy has a one year low of $0.07 and a one year high of $2.59. The business’s 50-day simple moving average is $0.18 and its 200 day simple moving average is $1.00. The stock has a market cap of $4.82 million, a price-to-earnings ratio of -0.11 and a beta of 1.19.

Institutional Trading of Otonomy

Several institutional investors and hedge funds have recently bought and sold shares of OTIC. Two Sigma Investments LP grew its holdings in shares of Otonomy by 129.2% during the third quarter. Two Sigma Investments LP now owns 142,183 shares of the biopharmaceutical company’s stock valued at $42,000 after purchasing an additional 80,153 shares during the last quarter. Requisite Capital Management LLC bought a new position in shares of Otonomy during the third quarter valued at approximately $44,000. State Street Corp grew its holdings in shares of Otonomy by 5.1% during the first quarter. State Street Corp now owns 182,239 shares of the biopharmaceutical company’s stock valued at $437,000 after purchasing an additional 8,839 shares during the last quarter. Lynx1 Capital Management LP grew its holdings in shares of Otonomy by 7,609.6% during the third quarter. Lynx1 Capital Management LP now owns 2,312,880 shares of the biopharmaceutical company’s stock valued at $682,000 after purchasing an additional 2,282,880 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Otonomy during the third quarter valued at approximately $1,621,000. Institutional investors and hedge funds own 80.05% of the company’s stock.

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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