101,149 Shares in Otonomy Inc. (OTIC) Acquired by Granite Investment Partners LLC
Granite Investment Partners LLC purchased a new stake in Otonomy Inc. (NASDAQ:OTIC) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 101,149 shares of the biopharmaceutical company’s stock, valued at approximately $1,840,000. Granite Investment Partners LLC owned about 0.34% of Otonomy at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the company. Creative Planning increased its stake 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 period. Emerald Acquisition Ltd. bought a new stake in Otonomy during the second quarter valued at about $153,000. Wells Fargo & Company MN increased its stake in Otonomy by 74.4% in the third quarter. Wells Fargo & Company MN now owns 10,808 shares of the biopharmaceutical company’s stock valued at $197,000 after buying an additional 4,610 shares during the period. M&T Bank Corp bought a new stake in Otonomy during the third quarter valued at about $209,000. Finally, American International Group Inc. increased its stake 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 period. Institutional investors own 84.12% of the company’s stock.
Shares of Otonomy Inc. (NASDAQ:OTIC) traded down 2.70% during mid-day trading on Monday, reaching $18.05. The company had a trading volume of 8,485 shares. Otonomy Inc. has a 12 month low of $10.50 and a 12 month high of $30.75. The company’s market capitalization is $545.00 million. The firm’s 50-day moving average is $16.74 and its 200 day moving average is $15.97.
Several brokerages recently weighed in on OTIC. Piper Jaffray Cos. restated an “overweight” rating and set a $32.00 target price (down previously from $42.00) on shares of Otonomy in a research note on Monday, August 8th. Zacks Investment Research upgraded Otonomy from a “sell” rating to a “hold” rating in a research note on Thursday, August 18th.
In related news, insider Carl Lebel sold 10,625 shares of Otonomy stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $18.07, for a total value of $191,993.75. Following the sale, the insider now owns 13,001 shares of the company’s stock, valued at $234,928.07. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 17.90% of the stock is owned by corporate insiders.
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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