Otonomy, Inc. (OTIC) Given “Outperform” Rating at Cowen and Company
Cowen and Company reaffirmed their outperform rating on shares of Otonomy, Inc. (NASDAQ:OTIC) in a research note released on Wednesday. Cowen and Company currently has a $55.00 price target on the biopharmaceutical company’s stock.
OTIC has been the topic of several other reports. Piper Jaffray Companies reissued an overweight rating and issued a $32.00 target price on shares of Otonomy in a research note on Friday, June 30th. Zacks Investment Research raised Otonomy from a sell rating to a hold rating in a research note on Tuesday, July 18th. J P Morgan Chase & Co raised Otonomy from a neutral rating to an overweight rating and set a $28.00 target price on the stock in a research note on Tuesday, August 15th. Finally, BidaskClub cut Otonomy from a buy rating to a hold rating in a research note on Friday, August 11th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Otonomy has an average rating of Buy and an average price target of $32.50.
Otonomy (NASDAQ OTIC) traded down 2.20% during midday trading on Wednesday, hitting $20.05. The stock had a trading volume of 201,447 shares. The stock’s market capitalization is $607.58 million. The company’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 $11.30 and a 52 week high of $20.90.
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 Thomson Reuters’ consensus estimate of ($0.80) by $0.03. The company had revenue of $0.33 million for the quarter, compared to analysts’ expectations of $0.43 million. Otonomy had a negative return on equity of 57.43% and a negative net margin of 8,172.38%. Otonomy’s quarterly revenue was up 312.5% on a year-over-year basis. During the same period last year, the firm earned ($0.98) earnings per share. Equities analysts anticipate that Otonomy will post ($3.36) earnings per share for the current fiscal year.
In other Otonomy news, insider Eric J. Loumeau sold 3,522 shares of Otonomy stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $18.59, for a total transaction of $65,473.98. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 12.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of OTIC. Wellington Management Group LLP boosted its stake in Otonomy by 28.9% in the first quarter. Wellington Management Group LLP now owns 4,211,357 shares of the biopharmaceutical company’s stock valued at $51,590,000 after buying an additional 944,663 shares during the last quarter. Vanguard Group Inc. boosted its stake in Otonomy by 8.8% in the first quarter. Vanguard Group Inc. now owns 1,004,584 shares of the biopharmaceutical company’s stock valued at $12,306,000 after buying an additional 81,050 shares during the last quarter. Kingdon Capital Management L.L.C. boosted its stake in Otonomy by 27.9% in the first quarter. Kingdon Capital Management L.L.C. now owns 773,693 shares of the biopharmaceutical company’s stock valued at $9,478,000 after buying an additional 168,833 shares during the last quarter. Schroder Investment Management Group boosted its stake in Otonomy by 37.5% in the first quarter. Schroder Investment Management Group now owns 763,368 shares of the biopharmaceutical company’s stock valued at $9,351,000 after buying an additional 208,221 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Otonomy by 8.7% in the second quarter. Alliancebernstein L.P. now owns 672,876 shares of the biopharmaceutical company’s stock valued at $12,684,000 after buying an additional 54,080 shares during the last quarter. 88.46% of the stock is currently 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’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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