SunTrust Banks Weighs in on Otonomy Inc.’s FY2016 Earnings (OTIC)
Otonomy Inc. (NASDAQ:OTIC) – Equities research analysts at SunTrust Banks reduced their FY2016 earnings per share estimates for shares of Otonomy in a report issued on Sunday. SunTrust Banks analyst E. Nash now expects that the firm will earn ($3.93) per share for the year, down from their previous estimate of ($3.87). SunTrust Banks also issued estimates for Otonomy’s Q4 2016 earnings at ($1.03) EPS, FY2017 earnings at ($4.44) EPS, FY2018 earnings at ($3.55) EPS and FY2019 earnings at ($0.20) EPS.
OTIC has been the topic of a number of other research reports. Piper Jaffray Cos. reissued an “overweight” rating and issued a $32.00 target price (down previously from $42.00) on shares of Otonomy in a research note on Monday, August 8th. Zacks Investment Research raised shares of Otonomy from a “sell” rating to a “hold” rating in a research note on Thursday, August 18th.
Otonomy (NASDAQ:OTIC) traded down 2.83% during trading on Wednesday, reaching $17.15. 79,641 shares of the company’s stock traded hands. Otonomy has a 1-year low of $10.50 and a 1-year high of $31.15. The stock’s market capitalization is $517.38 million. The stock has a 50-day moving average price of $17.54 and a 200 day moving average price of $15.71.
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Large investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY increased its stake in Otonomy by 3.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 18,785 shares of the biopharmaceutical company’s stock valued at $298,000 after buying an additional 593 shares during the period. ProShare Advisors LLC increased its stake in Otonomy by 3.7% in the second quarter. ProShare Advisors LLC now owns 25,354 shares of the biopharmaceutical company’s stock valued at $403,000 after buying an additional 907 shares during the period. Goldman Sachs Group Inc. increased its stake in Otonomy by 0.6% in the first quarter. Goldman Sachs Group Inc. now owns 380,986 shares of the biopharmaceutical company’s stock valued at $5,685,000 after buying an additional 2,401 shares during the period. Nationwide Fund Advisors increased its stake in Otonomy by 10.9% in the second quarter. Nationwide Fund Advisors now owns 36,529 shares of the biopharmaceutical company’s stock valued at $580,000 after buying an additional 3,602 shares during the period. Finally, American International Group Inc. increased its stake in Otonomy by 59.9% in the second quarter. American International Group Inc. now owns 13,835 shares of the biopharmaceutical company’s stock valued at $220,000 after buying an additional 5,183 shares during the period. 87.13% of the stock is currently owned by hedge funds and other institutional investors.
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 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.
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