Piper Jaffray Companies reiterated their hold rating on shares of Otonomy, Inc. (NASDAQ:OTIC) in a research report released on Friday morning. Piper Jaffray Companies currently has a $8.00 price objective on the biopharmaceutical company’s stock.

Several other research firms have also commented on OTIC. BidaskClub lowered shares of Otonomy from a buy rating to a hold rating in a research note on Friday, August 11th. J P Morgan Chase & Co upgraded shares of Otonomy from a neutral rating to an overweight rating and set a $28.00 price target for the company in a research note on Tuesday, August 15th. Cowen and Company reiterated an outperform rating and issued a $9.00 price target (down previously from $55.00) on shares of Otonomy in a research note on Thursday, August 31st. SunTrust Banks, Inc. reiterated a buy rating and issued a $15.00 price target (down previously from $45.00) on shares of Otonomy in a research note on Thursday, August 31st. Finally, Zacks Investment Research upgraded shares of Otonomy from a sell rating to a hold rating in a research note on Friday, August 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Otonomy has a consensus rating of Hold and an average target price of $10.00.

Otonomy (OTIC) traded up $0.05 during midday trading on Friday, hitting $5.17. 3,955,900 shares of the stock traded hands, compared to its average volume of 2,163,648. Otonomy has a twelve month low of $2.80 and a twelve month high of $21.15.

Otonomy (NASDAQ:OTIC) last posted its quarterly earnings data on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.84) by $0.15. Otonomy had a negative net margin of 7,899.03% and a negative return on equity of 60.74%. The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.43 million. The company’s revenue was down 12.8% on a year-over-year basis. sell-side analysts expect that Otonomy will post -3 EPS for the current year.

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A number of hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Otonomy in the 2nd quarter valued at $115,000. Legal & General Group Plc grew its position in Otonomy by 13.3% in the 2nd quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock valued at $119,000 after buying an additional 746 shares during the last quarter. Lakeview Capital Partners LLC purchased a new position in Otonomy in the 3rd quarter valued at $120,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Otonomy in the 3rd quarter valued at $126,000. Finally, American International Group Inc. grew its position in Otonomy by 7.1% in the 1st quarter. American International Group Inc. now owns 14,800 shares of the biopharmaceutical company’s stock valued at $181,000 after buying an additional 981 shares during the last quarter. 89.03% of the stock is currently owned by 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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