Otonomy, Inc. (NASDAQ:OTIC) was downgraded by investment analysts at Piper Jaffray Companies from an “overweight” rating to a “neutral” rating in a research note issued to investors on Wednesday.

Other research analysts have also issued reports about the stock. J P Morgan Chase & Co lowered shares of Otonomy from an “overweight” rating to a “neutral” rating and set a $8.00 price target on the stock. in a research note on Wednesday. BidaskClub lowered shares of Otonomy from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Cowen and Company reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Otonomy in a research note on Wednesday, August 23rd. Finally, Zacks Investment Research raised shares of Otonomy from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $27.50.

Shares of Otonomy (NASDAQ OTIC) traded down 81.49% during mid-day trading on Wednesday, hitting $3.85. The company’s stock had a trading volume of 37,170,847 shares. The stock’s 50 day moving average price is $18.78 and its 200 day moving average price is $15.30. Otonomy has a 52-week low of $3.45 and a 52-week high of $20.90. The company’s market cap is $116.67 million.

Otonomy (NASDAQ:OTIC) last posted its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, topping the consensus estimate 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 prior year, the company posted ($0.98) EPS. The company’s revenue for the quarter was up 312.5% on a year-over-year basis. Equities analysts forecast that Otonomy will post ($3.36) EPS for the current year.

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In other Otonomy news, insider Eric J. Loumeau sold 3,522 shares of the stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $18.59, for a total value of $65,473.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 12.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in Otonomy during the second quarter worth approximately $115,000. Legal & General Group Plc increased its stake in Otonomy by 13.3% in the second quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock worth $119,000 after buying an additional 746 shares during the last quarter. Trexquant Investment LP acquired a new stake in Otonomy during the first quarter worth approximately $123,000. 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. Finally, Tudor Investment Corp ET AL acquired a new stake in Otonomy during the first quarter worth approximately $216,000. Institutional investors own 88.74% of the company’s stock.

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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