Otonomy Inc (NASDAQ:OTIC) shares shot up 5.7% on Monday . The stock traded as high as $5.65 and last traded at $5.60. 522,546 shares changed hands during trading, an increase of 45% from the average session volume of 360,743 shares. The stock had previously closed at $5.30.

Several brokerages have recently weighed in on OTIC. Zacks Investment Research upgraded shares of Otonomy from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Piper Jaffray Companies reiterated a “hold” rating and set a $8.00 price objective on shares of Otonomy in a report on Friday, November 10th. One 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. Otonomy presently has a consensus rating of “Hold” and an average target price of $9.15.

The firm has a market cap of $169.89, a price-to-earnings ratio of -1.76 and a beta of 3.16.

Hedge funds have recently made changes to their positions in the company. First Manhattan Co. purchased a new position in shares of Otonomy during the 4th quarter worth about $10,556,000. Bank of New York Mellon Corp raised its holdings in Otonomy by 72.0% in 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 period. Northern Trust Corp raised its holdings in Otonomy by 16.9% in 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 period. Dynamic Technology Lab Private Ltd purchased a new position in Otonomy in the third quarter valued at approximately $263,000. Finally, Alpine Associates Management Inc. purchased a new position in Otonomy in the third quarter valued at approximately $797,000. Institutional investors and hedge funds own 66.73% of the company’s stock.

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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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