Granite Investment Partners LLC Cuts Position in Otonomy, Inc. (OTIC)
Granite Investment Partners LLC decreased its position in shares of Otonomy, Inc. (NASDAQ:OTIC) by 4.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 85,346 shares of the biopharmaceutical company’s stock after selling 4,117 shares during the period. Granite Investment Partners LLC’s holdings in Otonomy were worth $1,609,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in OTIC. American International Group Inc. increased its stake in Otonomy by 7.1% in the first quarter. American International Group Inc. now owns 14,800 shares of the biopharmaceutical company’s stock worth $181,000 after buying an additional 981 shares during the last quarter. Wells Fargo & Company MN increased its stake in Otonomy by 5.8% in the first quarter. Wells Fargo & Company MN now owns 19,190 shares of the biopharmaceutical company’s stock worth $236,000 after buying an additional 1,045 shares during the last quarter. Credit Suisse AG increased its stake in Otonomy by 3.3% in the first quarter. Credit Suisse AG now owns 33,871 shares of the biopharmaceutical company’s stock worth $415,000 after buying an additional 1,082 shares during the last quarter. Teachers Advisors LLC increased its stake in Otonomy by 5.0% in the fourth quarter. Teachers Advisors LLC now owns 40,811 shares of the biopharmaceutical company’s stock worth $649,000 after buying an additional 1,927 shares during the last quarter. Finally, Swiss National Bank increased its stake in Otonomy by 8.4% in the first quarter. Swiss National Bank now owns 34,800 shares of the biopharmaceutical company’s stock worth $426,000 after buying an additional 2,700 shares during the last quarter. Institutional investors and hedge funds own 89.08% of the company’s stock.
Otonomy, Inc. (NASDAQ:OTIC) opened at 16.90 on Friday. Otonomy, Inc. has a 52 week low of $11.30 and a 52 week high of $20.15. The stock’s 50 day moving average price is $18.57 and its 200-day moving average price is $14.93. The company’s market capitalization is $512.12 million.
Otonomy (NASDAQ:OTIC) last announced its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.03. The firm had revenue of $0.33 million for the quarter, compared to analysts’ expectations of $0.43 million. Otonomy had a negative net margin of 8,172.38% and a negative return on equity of 57.43%. The business’s revenue was up 312.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.98) EPS. On average, equities research analysts predict that Otonomy, Inc. will post ($3.42) earnings per share for the current fiscal year.
A number of research firms have weighed in on OTIC. BidaskClub downgraded Otonomy from a “buy” rating to a “hold” rating in a research report on Friday. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $32.00 price objective on shares of Otonomy in a research note on Friday, June 30th. Finally, Zacks Investment Research raised Otonomy from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th.
In other news, insider Eric J. Loumeau sold 3,522 shares of the company’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $18.59, for a total transaction of $65,473.98. The sale was disclosed in a legal filing with the SEC, which is available through this link. 12.70% of the stock is currently owned by corporate insiders.
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’s product candidates include OTIPRIO, OTO-104 and OTO-311. OTIPRIO is a single-dose, physician-administered antibacterial, which is used for the treatment of pediatric patients with bilateral otitis media with effusion undergoing tympanostomy tube placement (TTP) surgery and is available for commercial purchase.
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