Zacks Investment Research Upgrades Otonomy Inc. (OTIC) to “Hold”
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. “
OTIC has been the subject of a number of other research reports. Piper Jaffray Cos. reissued an overweight rating and issued a $32.00 target price on shares of Otonomy in a report on Monday, August 15th. WallachBeth Capital assumed coverage on shares of Otonomy in a report on Thursday, May 26th. They issued a buy rating and a $29.00 target price for the company.
Otonomy (NASDAQ:OTIC) opened at 17.60 on Thursday. The company’s 50-day moving average is $16.77 and its 200-day moving average is $15.43. The firm’s market cap is $530.96 million. Otonomy has a one year low of $10.50 and a one year high of $31.15.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Emerald Acquisition Ltd. acquired a new position in shares of Otonomy during the second quarter worth about $153,000. American International Group Inc. raised its position in shares of Otonomy by 59.9% in the second quarter. American International Group Inc. now owns 13,835 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 5,183 shares during the period. Rothschild Asset Management Inc. acquired a new position in shares of Otonomy during the second quarter worth about $249,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Otonomy during the first quarter worth about $266,000. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of Otonomy by 63.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 18,192 shares of the biopharmaceutical company’s stock worth $271,000 after buying an additional 7,034 shares during the period. Institutional investors and hedge funds own 87.13% of the company’s stock.
Otonomy Company Profile
Otonomy, Inc is a biopharmaceutical company. The Company focuses on the development and commercialization of therapeutics for diseases and disorders of the ear. The Company has developed a technology referred to as sustained-exposure that is designed to deliver drug that is retained in the ear for an extended period of time following a local administration.
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