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

Analysts at StockNews.com started 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.

Separately, Piper Sandler downgraded Otonomy from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $3.00 to $0.50 in a research report on Thursday, October 13th.

Otonomy Stock Performance

OTIC stock opened at $0.10 on Tuesday. The firm has a 50 day moving average of $0.11 and a 200-day moving average of $0.48. Otonomy has a 12-month low of $0.06 and a 12-month high of $2.59. The company has a market cap of $6.58 million, a price-to-earnings ratio of -0.13 and a beta of 1.47.

Otonomy (NASDAQ:OTICGet Rating) last posted its quarterly earnings results on Thursday, November 10th. The biopharmaceutical company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.01. Sell-side analysts forecast that Otonomy will post -0.8 earnings per share for the current fiscal year.

Institutional Trading of Otonomy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Two Sigma Investments LP grew its stake in Otonomy by 129.2% in the 3rd quarter. Two Sigma Investments LP now owns 142,183 shares of the biopharmaceutical company’s stock worth $42,000 after acquiring an additional 80,153 shares during the period. Requisite Capital Management LLC purchased a new stake in Otonomy in the 3rd quarter worth approximately $44,000. State Street Corp grew its stake in Otonomy by 5.1% in the 1st quarter. State Street Corp now owns 182,239 shares of the biopharmaceutical company’s stock worth $437,000 after acquiring an additional 8,839 shares during the period. Lynx1 Capital Management LP grew its stake in shares of Otonomy by 7,609.6% during the 3rd quarter. Lynx1 Capital Management LP now owns 2,312,880 shares of the biopharmaceutical company’s stock valued at $682,000 after buying an additional 2,282,880 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Otonomy during the 3rd quarter valued at $1,621,000. 41.23% of the stock is owned by hedge funds and other institutional investors.

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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