Zacks Investment Research cut shares of Otonomy (NASDAQ:OTIC) from a buy rating to a hold rating in a research note published on Thursday morning.

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. “

Separately, Piper Jaffray Companies reissued a hold rating and set a $8.00 price target on shares of Otonomy in a research note on Friday, November 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $9.15.

Otonomy (NASDAQ:OTIC) opened at $5.70 on Thursday. The firm has a market capitalization of $172.92, a PE ratio of -1.76 and a beta of 3.33. Otonomy has a one year low of $2.80 and a one year high of $21.15.

Otonomy (NASDAQ:OTIC) last released its quarterly earnings data on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.15. The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.43 million. Otonomy had a negative return on equity of 60.74% and a negative net margin of 7,899.03%. The business’s revenue for the quarter was down 12.8% on a year-over-year basis. equities analysts predict that Otonomy will post -2.88 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Alliancebernstein L.P. boosted its stake in Otonomy by 8.7% during 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. Bank of New York Mellon Corp boosted its stake in Otonomy by 72.0% during the third quarter. Bank of New York Mellon Corp now owns 596,784 shares of the biopharmaceutical company’s stock valued at $1,939,000 after buying an additional 249,845 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Otonomy by 10,065.2% during the second quarter. JPMorgan Chase & Co. now owns 517,410 shares of the biopharmaceutical company’s stock valued at $9,753,000 after buying an additional 512,320 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Otonomy by 6.9% during the third quarter. Dimensional Fund Advisors LP now owns 436,003 shares of the biopharmaceutical company’s stock valued at $1,417,000 after buying an additional 28,204 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Otonomy by 16.9% during the second quarter. Northern Trust Corp now owns 348,514 shares of the biopharmaceutical company’s stock valued at $6,570,000 after buying an additional 50,261 shares during the last quarter. 60.57% of the stock is owned by institutional investors.

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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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