ValuEngine lowered shares of Otonomy, Inc. (NASDAQ:OTIC) from a sell rating to a strong sell rating in a research report sent to investors on Friday.

Several other research firms have also recently issued reports on OTIC. Piper Jaffray Companies cut Otonomy from an overweight rating to a neutral rating and lowered their price objective for the stock from $32.00 to $8.00 in a report on Wednesday, August 30th. J P Morgan Chase & Co cut Otonomy from an overweight rating to a neutral rating and lowered their price objective for the stock from $28.00 to $8.00 in a report on Wednesday, August 30th. Cowen and Company reiterated an outperform rating and issued a $55.00 price objective on shares of Otonomy in a report on Wednesday, August 23rd. Zacks Investment Research upgraded Otonomy from a sell rating to a hold rating in a report on Tuesday, July 18th. Finally, BidaskClub cut Otonomy from a buy rating to a hold rating in a report on Friday, August 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Otonomy has a consensus rating of Hold and a consensus price target of $11.00.

Shares of Otonomy (NASDAQ OTIC) opened at 3.60 on Friday. The company has a 50 day moving average price of $17.62 and a 200-day moving average price of $15.13. Otonomy has a 52-week low of $3.30 and a 52-week high of $21.15. The stock’s market capitalization is $109.09 million.

Otonomy (NASDAQ:OTIC) last posted its quarterly earnings data 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. Otonomy had a negative return on equity of 57.43% and a negative net margin of 8,172.38%. The company had revenue of $0.33 million for the quarter, compared to analysts’ expectations of $0.43 million. During the same period in the previous year, the firm posted ($0.98) EPS. Otonomy’s revenue was up 312.5% compared to the same quarter last year. On average, analysts predict that Otonomy will post ($3.29) earnings per share for the current fiscal year.

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In related news, insider Eric J. Loumeau sold 3,522 shares of Otonomy stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $18.59, for a total value 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.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in Otonomy in the 2nd quarter worth approximately $115,000. Legal & General Group Plc lifted its stake in Otonomy by 13.3% in the 2nd quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock worth $119,000 after purchasing an additional 746 shares in the last quarter. Trexquant Investment LP purchased a new position in Otonomy in the 1st quarter worth approximately $123,000. American International Group Inc. lifted its stake in Otonomy by 7.1% in the 1st quarter. American International Group Inc. now owns 14,800 shares of the biopharmaceutical company’s stock worth $181,000 after purchasing an additional 981 shares in the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in Otonomy in the 1st quarter worth approximately $216,000. 88.74% of the stock is currently owned by institutional investors and hedge funds.

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’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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