Otonomy, Inc. (OTIC) Receives Consensus Rating of “Hold” from Analysts
Shares of Otonomy, Inc. (NASDAQ:OTIC) have earned a consensus rating of “Hold” from the seven brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $9.15.
A number of equities analysts have recently weighed in on the company. ValuEngine lowered Otonomy from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Piper Jaffray Companies reissued a “hold” rating and issued a $8.00 price target on shares of Otonomy in a research report on Friday, November 10th. J P Morgan Chase & Co lowered Otonomy from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $28.00 to $8.00 in a research report on Wednesday, August 30th. Zacks Investment Research raised Otonomy from a “hold” rating to a “buy” rating and set a $5.75 price target for the company in a research report on Tuesday, November 14th. Finally, Cowen reissued an “outperform” rating and issued a $55.00 price target on shares of Otonomy in a research report on Wednesday, August 23rd.
Otonomy (NASDAQ OTIC) opened at $5.05 on Friday. Otonomy has a 12-month low of $2.80 and a 12-month high of $21.15.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in Otonomy in the 2nd quarter valued at $115,000. Legal & General Group Plc raised its position in Otonomy by 13.3% in the 2nd quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock valued at $119,000 after buying an additional 746 shares during the last quarter. Lakeview Capital Partners LLC purchased a new stake in Otonomy in the 3rd quarter valued at $120,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Otonomy in the 3rd quarter valued at $126,000. Finally, Voya Investment Management LLC raised its position in Otonomy by 17.9% in the 2nd quarter. Voya Investment Management LLC now owns 12,606 shares of the biopharmaceutical company’s stock valued at $238,000 after buying an additional 1,918 shares during the last quarter. 60.57% of the stock is owned by institutional investors and hedge funds.
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.
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