Otonomy, Inc. to Post Q4 2017 Earnings of ($0.75) Per Share, SunTrust Banks Forecasts (OTIC)

Otonomy, Inc. (NASDAQ:OTIC) – Equities researchers at SunTrust Banks dropped their Q4 2017 earnings per share estimates for Otonomy in a report released on Tuesday. SunTrust Banks analyst E. Nash now forecasts that the biopharmaceutical company will post earnings per share of ($0.75) for the quarter, down from their prior estimate of ($0.74). SunTrust Banks has a “Buy” rating and a $15.00 price target on the stock. SunTrust Banks also issued estimates for Otonomy’s FY2018 earnings at ($3.24) EPS, FY2019 earnings at ($3.76) EPS, FY2020 earnings at ($3.84) EPS and FY2021 earnings at ($1.99) EPS.

Otonomy (NASDAQ:OTIC) last announced its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.43 million. The company’s revenue for the quarter was down 12.8% compared to the same quarter last year.

Several other research analysts also recently issued reports on the company. J P Morgan Chase & Co downgraded Otonomy from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $28.00 to $8.00 in a research report on Wednesday, August 30th. Cowen restated an “outperform” rating and set a $9.00 price objective (down from $55.00) on shares of Otonomy in a research report on Thursday, August 31st. Piper Jaffray Companies downgraded Otonomy from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $32.00 to $8.00 in a research report on Wednesday, August 30th. ValuEngine downgraded Otonomy from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Finally, Zacks Investment Research upgraded Otonomy from a “hold” rating to a “buy” rating and set a $5.75 price objective for the company in a research report on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $9.15.

Shares of Otonomy (NASDAQ:OTIC) traded down $0.05 during trading on Friday, hitting $5.35. The company had a trading volume of 909,200 shares, compared to its average volume of 816,001. Otonomy has a 1 year low of $2.80 and a 1 year high of $21.15.

A number of institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new stake in Otonomy during the 2nd quarter worth $115,000. Legal & General Group Plc boosted its position in Otonomy by 13.3% during the 2nd quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock worth $119,000 after purchasing an additional 746 shares during the period. Voya Investment Management LLC boosted its position in Otonomy by 17.9% during the 2nd quarter. Voya Investment Management LLC now owns 12,606 shares of the biopharmaceutical company’s stock worth $238,000 after purchasing an additional 1,918 shares during the period. State of Wisconsin Investment Board purchased a new stake in Otonomy during the 2nd quarter worth $358,000. Finally, The Manufacturers Life Insurance Company boosted its position in Otonomy by 13.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,105 shares of the biopharmaceutical company’s stock worth $435,000 after purchasing an additional 2,776 shares during the period. Institutional investors own 60.57% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This piece was first reported by American Banking News and is the property of of American Banking News. If you are viewing this piece on another site, it was illegally copied and reposted in violation of U.S. & international trademark & copyright legislation. The legal version of this piece can be read at https://www.americanbankingnews.com/2017/12/01/otonomy-inc-to-post-q4-2017-earnings-of-0-75-per-share-suntrust-banks-forecasts-otic.html.

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’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.

Earnings History and Estimates for Otonomy (NASDAQ:OTIC)

Receive News & Ratings for Otonomy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otonomy Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply