Zacks Investment Research Upgrades Otonomy Inc. (OTIC) to “Hold”
Otonomy Inc. (NASDAQ:OTIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
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, Piper Jaffray Cos. reissued a “buy” rating and set a $32.00 target price on shares of Otonomy in a research report on Wednesday, November 2nd.
Shares of Otonomy (NASDAQ:OTIC) opened at 17.05 on Wednesday. Otonomy has a 12 month low of $10.50 and a 12 month high of $31.15. The company’s market cap is $514.81 million. The stock has a 50 day moving average of $16.59 and a 200-day moving average of $15.66.
A number of hedge funds have recently added to or reduced their stakes in OTIC. BlackRock Group LTD increased its stake in Otonomy by 4.0% in the third quarter. BlackRock Group LTD now owns 6,089 shares of the biopharmaceutical company’s stock worth $111,000 after buying an additional 234 shares in the last quarter. BlackRock Inc. increased its stake in shares of Otonomy by 4.3% in the third quarter. BlackRock Inc. now owns 5,849 shares of the biopharmaceutical company’s stock valued at $106,000 after buying an additional 240 shares during the period. Rhumbline Advisers increased its stake in shares of Otonomy by 1.1% in the third quarter. Rhumbline Advisers now owns 27,179 shares of the biopharmaceutical company’s stock valued at $494,000 after buying an additional 300 shares during the period. Rothschild Asset Management Inc. increased its stake in shares of Otonomy by 2.5% in the third quarter. Rothschild Asset Management Inc. now owns 16,062 shares of the biopharmaceutical company’s stock valued at $292,000 after buying an additional 396 shares during the period. Finally, California State Teachers Retirement System increased its stake in shares of Otonomy by 0.8% in the third quarter. California State Teachers Retirement System now owns 50,793 shares of the biopharmaceutical company’s stock valued at $924,000 after buying an additional 400 shares during the period. 87.12% of the stock is owned by institutional investors and hedge funds.
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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