Shares of Otonomy, Inc. (NASDAQ:OTIC) shot up 2.4% during mid-day trading on Friday . The stock traded as high as $6.00 and last traded at $5.00. 2,668,670 shares changed hands during mid-day trading, an increase of 235% from the average session volume of 797,285 shares. The stock had previously closed at $5.13.

Several brokerages have issued reports on OTIC. Piper Jaffray Companies lowered Otonomy from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $32.00 to $8.00 in a research note on Wednesday, August 30th. J P Morgan Chase & Co lowered Otonomy from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $28.00 to $8.00 in a research note on Wednesday, August 30th. Cowen and Company reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Otonomy in a research note on Wednesday, August 23rd. Zacks Investment Research raised Otonomy from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, BidaskClub lowered Otonomy from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $10.00.

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

Several large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its stake in shares of Otonomy by 13.3% during the second quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock valued at $119,000 after purchasing an additional 746 shares during the period. American International Group Inc. boosted its stake in shares of Otonomy by 7.1% during the first quarter. American International Group Inc. now owns 14,800 shares of the biopharmaceutical company’s stock valued at $181,000 after purchasing an additional 981 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Otonomy by 5.8% during the first quarter. Wells Fargo & Company MN now owns 19,190 shares of the biopharmaceutical company’s stock valued at $236,000 after purchasing an additional 1,045 shares during the period. Credit Suisse AG boosted its stake in shares of Otonomy by 3.3% during the first quarter. Credit Suisse AG now owns 33,871 shares of the biopharmaceutical company’s stock valued at $415,000 after purchasing an additional 1,082 shares during the period. Finally, Alps Advisors Inc. boosted its stake in shares of Otonomy by 4.8% during the second quarter. Alps Advisors Inc. now owns 27,231 shares of the biopharmaceutical company’s stock valued at $513,000 after purchasing an additional 1,255 shares during the period. 89.03% of the stock is owned by hedge funds and other institutional investors.

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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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