SunTrust Banks Weighs in on Otonomy Inc.’s FY2016 Earnings (OTIC)
Otonomy Inc. (NASDAQ:OTIC) – Investment analysts at SunTrust Banks decreased their FY2016 earnings estimates for shares of Otonomy in a report issued on Sunday. SunTrust Banks analyst E. Nash now forecasts that the firm will earn ($3.93) per share for the year, down from their prior estimate of ($3.87). SunTrust Banks also issued estimates for Otonomy’s Q4 2016 earnings at ($1.03) EPS, FY2017 earnings at ($4.44) EPS, FY2018 earnings at ($3.55) EPS and FY2019 earnings at ($0.20) EPS.
OTIC has been the subject of several other research reports. Zacks Investment Research upgraded Otonomy from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $32.00 price target on shares of Otonomy in a research note on Monday, August 15th.
Otonomy (NASDAQ:OTIC) traded down 2.83% on Wednesday, reaching $17.15. The company had a trading volume of 79,641 shares. Otonomy has a 12-month low of $10.50 and a 12-month high of $31.15. The stock’s market capitalization is $517.38 million. The stock’s 50-day moving average price is $17.54 and its 200-day moving average price is $15.71.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning increased its position in Otonomy by 411.4% in the third quarter. Creative Planning now owns 6,648 shares of the biopharmaceutical company’s stock valued at $121,000 after buying an additional 5,348 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in Otonomy during the second quarter valued at $153,000. American International Group Inc. increased its position in Otonomy by 59.9% in the second quarter. American International Group Inc. now owns 13,835 shares of the biopharmaceutical company’s stock valued at $220,000 after buying an additional 5,183 shares during the last quarter. Rothschild Asset Management Inc. purchased a new position in Otonomy during the second quarter valued at $249,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in Otonomy during the first quarter valued at $266,000. Institutional investors own 87.13% 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 has developed a technology referred to as sustained-exposure that is designed to deliver drug that is retained in the ear for an extended period of time following a local administration.
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