Otonomy, Inc. (OTIC) Expected to Post Quarterly Sales of $680,000.00
Wall Street analysts expect that Otonomy, Inc. (NASDAQ:OTIC) will announce $680,000.00 in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Otonomy’s earnings, with estimates ranging from $460,000.00 to $900,000.00. Otonomy reported sales of $270,000.00 during the same quarter last year, which would suggest a positive year over year growth rate of 151.9%. The firm is scheduled to announce its next quarterly earnings report on Thursday, March 1st.
According to Zacks, analysts expect that Otonomy will report full year sales of $680,000.00 for the current financial year, with estimates ranging from $1.54 million to $2.30 million. For the next year, analysts anticipate that the company will report sales of $5.51 million per share, with estimates ranging from $5.20 million to $5.81 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Otonomy.
Otonomy (NASDAQ:OTIC) last released its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.84) by $0.15. Otonomy had a negative return on equity of 60.74% and a negative net margin of 7,899.03%. The firm had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.43 million. Otonomy’s quarterly revenue was down 12.8% compared to the same quarter last year.
A number of research analysts have commented on OTIC shares. BidaskClub lowered Otonomy from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. Piper Jaffray Companies lowered Otonomy from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $32.00 to $8.00 in a research report on Wednesday, August 30th. J P Morgan Chase & Co upgraded Otonomy from a “neutral” rating to an “overweight” rating and set a $28.00 price objective on the stock in a research report on Tuesday, August 15th. Cowen and Company reiterated an “outperform” rating and issued a $9.00 price objective (down from $55.00) on shares of Otonomy in a research report on Thursday, August 31st. Finally, SunTrust Banks, Inc. reiterated a “buy” rating and issued a $15.00 price objective (down from $45.00) on shares of Otonomy in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Otonomy has a consensus rating of “Hold” and a consensus target price of $10.00.
Otonomy (OTIC) opened at $5.18 on Friday. Otonomy has a 12-month low of $2.80 and a 12-month high of $21.15.
Large investors have recently bought and sold shares of the company. TD Asset Management Inc. bought a new position in shares of Otonomy in the 2nd quarter worth $624,000. Dimensional Fund Advisors LP boosted its position in shares of Otonomy by 47.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 311,169 shares of the biopharmaceutical company’s stock worth $3,812,000 after purchasing an additional 100,059 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Otonomy by 6.3% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 114,786 shares of the biopharmaceutical company’s stock worth $1,407,000 after purchasing an additional 6,798 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Otonomy by 10,065.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 517,410 shares of the biopharmaceutical company’s stock worth $9,753,000 after purchasing an additional 512,320 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Otonomy by 8.7% in the 2nd quarter. Alliancebernstein L.P. now owns 672,876 shares of the biopharmaceutical company’s stock worth $12,684,000 after purchasing an additional 54,080 shares during the last quarter. Institutional investors and hedge funds own 89.03% of the company’s stock.
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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