Zacks Investment Research cut shares of Otonomy (NASDAQ:OTIC) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Otonomy, Inc. engages in developing and commercializing therapeutics to address unmet medical needs in the otology market. It develops therapeutics for treatment of inner and middle ear disorders. The Company’s product candidates under development includes AuriPro to treat pediatric patients with middle ear effusion; and OTO-104 for the treatment of patients with Ménière’s disease. Otonomy, Inc. is headquartered in San Diego, California. “

Separately, ValuEngine cut Zosano Pharma from a buy rating to a hold rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $5.92.

OTIC stock traded down $0.01 during midday trading on Wednesday, hitting $2.55. 43,320 shares of the company’s stock were exchanged, compared to its average volume of 91,077. The company’s 50-day simple moving average is $2.54. The company has a debt-to-equity ratio of 0.45, a current ratio of 9.07 and a quick ratio of 9.07. The stock has a market capitalization of $78.25 million, a PE ratio of -1.55 and a beta of 2.37. Otonomy has a 1-year low of $1.50 and a 1-year high of $3.95.

Otonomy (NASDAQ:OTIC) last posted its earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $0.07. The company had revenue of $0.19 million during the quarter, compared to analysts’ expectations of $0.33 million. Otonomy had a negative return on equity of 60.14% and a negative net margin of 8,007.55%. Equities research analysts forecast that Otonomy will post -1.86 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC increased its holdings in shares of Otonomy by 31.6% during the first quarter. Acadian Asset Management LLC now owns 119,044 shares of the biopharmaceutical company’s stock valued at $314,000 after acquiring an additional 28,551 shares in the last quarter. Spark Investment Management LLC increased its holdings in shares of Otonomy by 59.5% during the first quarter. Spark Investment Management LLC now owns 46,207 shares of the biopharmaceutical company’s stock valued at $121,000 after acquiring an additional 17,241 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Otonomy during the first quarter valued at $225,000. Sofinnova Investments Inc. increased its holdings in shares of Otonomy by 3.7% during the fourth quarter. Sofinnova Investments Inc. now owns 1,023,865 shares of the biopharmaceutical company’s stock valued at $1,894,000 after acquiring an additional 36,087 shares in the last quarter. Finally, 683 Capital Management LLC increased its holdings in shares of Otonomy by 37.5% during the fourth quarter. 683 Capital Management LLC now owns 1,100,000 shares of the biopharmaceutical company’s stock valued at $2,035,000 after acquiring an additional 300,000 shares in the last quarter. 53.31% of the stock is owned by institutional investors and hedge funds.

Otonomy Company Profile

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. It also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase I/II clinical trial to treat tinnitus; and OTO-413, a proprietary formulation of brain-derived neurotrophic factor that is in Phase I/II clinical trial for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

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