Shares of Otonomy Inc. (NASDAQ:OTIC) shot up 2% during trading on Tuesday . The stock traded as high as $17.79 and last traded at $17.62, with a volume of 121,966 shares. The stock had previously closed at $17.28.

Several brokerages have recently commented on OTIC. Zacks Investment Research raised Otonomy from a “sell” rating to a “hold” rating in a research note on Friday, June 24th. WallachBeth Capital began coverage on Otonomy in a research note on Thursday, May 26th. They issued a “buy” rating and a $29.00 price objective for the company. Finally, Piper Jaffray Cos. reissued an “overweight” rating and issued a $32.00 price objective on shares of Otonomy in a research note on Monday, August 15th.

The firm’s market capitalization is $530.96 million. The company’s 50 day moving average price is $16.69 and its 200 day moving average price is $15.41.

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Several hedge funds have recently bought and sold shares of OTIC. Jennison Associates LLC boosted its stake in Otonomy by 8.6% in the second quarter. Jennison Associates LLC now owns 3,876,468 shares of the biopharmaceutical company’s stock valued at $61,558,000 after buying an additional 306,723 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Otonomy by 16.4% in the second quarter. BlackRock Fund Advisors now owns 1,009,180 shares of the biopharmaceutical company’s stock valued at $16,026,000 after buying an additional 142,265 shares during the last quarter. Vanguard Group Inc. boosted its stake in Otonomy by 7.3% in the second quarter. Vanguard Group Inc. now owns 836,678 shares of the biopharmaceutical company’s stock valued at $13,286,000 after buying an additional 56,789 shares during the last quarter. FMR LLC boosted its stake in Otonomy by 7.0% in the second quarter. FMR LLC now owns 730,029 shares of the biopharmaceutical company’s stock valued at $11,593,000 after buying an additional 48,029 shares during the last quarter. Finally, Amici Capital LLC boosted its stake in Otonomy by 1,212.9% in the first quarter. Amici Capital LLC now owns 695,061 shares of the biopharmaceutical company’s stock valued at $10,370,000 after buying an additional 642,120 shares during the last quarter. 87.13% of the stock is currently owned by institutional investors.

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 has developed a technology referred to as sustained-exposure that is designed to deliver drug that is retained in the ear for an extended period of time following a local administration.

5 Day Chart for NASDAQ:OTIC

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