Otonomy, Inc. (NASDAQ:OTIC) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

OTIC has been the topic of a number of other research reports. Piper Jaffray Companies initiated coverage on shares of Otonomy in a report on Friday, June 2nd. They set an “overweight” rating and a $32.00 price objective on the stock. Zacks Investment Research raised shares of Otonomy from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a report on Thursday, May 4th.

Otonomy (NASDAQ:OTIC) traded up 2.15% during midday trading on Friday, hitting $16.60. 54,719 shares of the stock traded hands. The company’s 50 day moving average is $18.59 and its 200-day moving average is $14.91. The company’s market cap is $503.03 million. Otonomy has a one year low of $11.30 and a one year high of $20.15.

Otonomy (NASDAQ:OTIC) last issued its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.03. Otonomy had a negative net margin of 8,172.38% and a negative return on equity of 57.43%. The business had revenue of $0.33 million for the quarter, compared to analyst estimates of $0.43 million. During the same period in the previous year, the business posted ($0.98) earnings per share. The business’s revenue was up 312.5% compared to the same quarter last year. On average, equities research analysts forecast that Otonomy will post ($3.42) EPS for the current fiscal year.

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In related news, insider Eric J. Loumeau sold 3,522 shares of the business’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 transaction was disclosed in a filing with the SEC, which is accessible through this link. 12.70% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its stake in Otonomy by 44.9% in the fourth quarter. State Street Corp now owns 526,176 shares of the biopharmaceutical company’s stock worth $8,368,000 after buying an additional 163,107 shares in the last quarter. Schroder Investment Management Group increased its stake in Otonomy by 37.5% in the first quarter. Schroder Investment Management Group now owns 763,368 shares of the biopharmaceutical company’s stock worth $9,351,000 after buying an additional 208,221 shares in the last quarter. Wellington Management Group LLP increased its stake in Otonomy by 28.9% in the first quarter. Wellington Management Group LLP now owns 4,211,357 shares of the biopharmaceutical company’s stock worth $51,590,000 after buying an additional 944,663 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Otonomy during the first quarter worth approximately $7,355,000. Finally, Russell Investments Group Ltd. bought a new stake in Otonomy during the fourth quarter worth approximately $304,000. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

About Otonomy

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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