Otonomy, Inc. (OTIC) Cut to Strong Sell at ValuEngine
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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