Zacks: Analysts Anticipate Otonomy Inc (OTIC) Will Post Quarterly Sales of $250,000.00

Wall Street brokerages expect that Otonomy Inc (NASDAQ:OTIC) will post $250,000.00 in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Otonomy’s earnings. The highest sales estimate is $340,000.00 and the lowest is $150,000.00. Otonomy posted sales of $270,000.00 during the same quarter last year, which would suggest a negative year over year growth rate of 7.4%. The firm is expected to issue its next earnings results on Thursday, March 1st.

According to Zacks, analysts expect that Otonomy will report full year sales of $250,000.00 for the current year, with estimates ranging from $1.12 million to $2.20 million. For the next fiscal year, analysts forecast that the business will post sales of $8.03 million per share, with estimates ranging from $200,000.00 to $21.70 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Otonomy.

OTIC has been the topic of a number of analyst reports. Zacks Investment Research upgraded Otonomy from a “hold” rating to a “buy” rating and set a $5.75 price objective on the stock in a research note on Tuesday, November 14th. Piper Jaffray Companies reissued a “hold” rating and set a $8.00 target price on shares of Otonomy in a report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $9.15.

Shares of Otonomy (NASDAQ:OTIC) opened at $5.50 on Wednesday. Otonomy has a 12 month low of $2.80 and a 12 month high of $21.15.

Several hedge funds have recently bought and sold shares of OTIC. First Manhattan Co. acquired a new position in shares of Otonomy during the 4th quarter worth approximately $10,556,000. Bank of New York Mellon Corp increased its holdings in shares of Otonomy by 72.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 596,784 shares of the biopharmaceutical company’s stock worth $1,939,000 after acquiring an additional 249,845 shares during the last quarter. Alpine Associates Management Inc. acquired a new position in shares of Otonomy during the 3rd quarter worth approximately $797,000. Schwab Charles Investment Management Inc. acquired a new position in shares of Otonomy during the 4th quarter worth approximately $616,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Otonomy by 31.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 407,799 shares of the biopharmaceutical company’s stock worth $7,687,000 after acquiring an additional 96,630 shares during the last quarter. 67.10% of the stock is currently owned by institutional investors and hedge funds.

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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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Earnings History and Estimates for Otonomy (NASDAQ:OTIC)

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