Zacks Investment Research upgraded shares of Otonomy, Inc. (NASDAQ:OTIC) from a hold rating to a buy rating in a research report sent to investors on Tuesday. Zacks Investment Research currently has $5.75 price target on the biopharmaceutical company’s stock.

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. “

A number of other brokerages have also recently issued reports on OTIC. Piper Jaffray Companies cut Otonomy from an overweight rating to a neutral rating and cut their target price 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 cut their target price 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 target price on shares of Otonomy in a report on Wednesday, August 23rd. BidaskClub cut Otonomy from a buy rating to a hold rating in a report on Friday, August 11th. Finally, ValuEngine cut Otonomy from a sell rating to a strong sell rating in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $9.15.

Shares of Otonomy (NASDAQ OTIC) traded up $0.05 on Tuesday, hitting $5.25. The company had a trading volume of 1,125,400 shares, compared to its average volume of 817,582. Otonomy has a 12 month low of $2.80 and a 12 month high of $21.15.

Otonomy (NASDAQ:OTIC) last issued its earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.15. Otonomy had a negative return on equity of 60.74% and a negative net margin of 7,899.03%. The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.43 million. The firm’s quarterly revenue was down 12.8% on a year-over-year basis. analysts predict that Otonomy will post -2.96 earnings per share for the current year.

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A number of large investors have recently modified their holdings of OTIC. Wells Fargo & Company MN lifted its stake in Otonomy by 5.8% during the 1st quarter. Wells Fargo & Company MN now owns 19,190 shares of the biopharmaceutical company’s stock valued at $236,000 after acquiring an additional 1,045 shares in the last quarter. Swiss National Bank lifted its stake in Otonomy by 8.4% during the 1st quarter. Swiss National Bank now owns 34,800 shares of the biopharmaceutical company’s stock valued at $426,000 after acquiring an additional 2,700 shares in the last quarter. American International Group Inc. lifted its stake in Otonomy by 7.1% during the 1st quarter. American International Group Inc. now owns 14,800 shares of the biopharmaceutical company’s stock valued at $181,000 after acquiring an additional 981 shares in the last quarter. Vanguard Group Inc. lifted its stake in Otonomy by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 1,004,584 shares of the biopharmaceutical company’s stock valued at $12,306,000 after acquiring an additional 81,050 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Otonomy by 10.6% during the 1st quarter. Geode Capital Management LLC now owns 207,439 shares of the biopharmaceutical company’s stock valued at $2,541,000 after acquiring an additional 19,804 shares in the last quarter. Institutional investors and hedge funds own 78.12% of the company’s stock.

About Otonomy

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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