Otonomy (NASDAQ:OTIC) was upgraded by equities researchers at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a report released on Monday, The Fly reports.
Separately, Zacks Investment Research lowered Otonomy from a “hold” rating to a “sell” rating in a report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Otonomy presently has an average rating of “Hold” and a consensus target price of $9.15.
Shares of Otonomy (OTIC) opened at $5.03 on Monday. The stock has a market capitalization of $153.65, a price-to-earnings ratio of -1.69 and a beta of 2.94. Otonomy has a 1-year low of $2.80 and a 1-year high of $21.15.
Several large investors have recently made changes to their positions in OTIC. The Manufacturers Life Insurance Company raised its holdings in shares of Otonomy by 2,178.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 22,377 shares of the biopharmaceutical company’s stock worth $125,000 after acquiring an additional 21,395 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Otonomy during the third quarter worth $126,000. Elkfork Partners LLC purchased a new stake in shares of Otonomy during the fourth quarter worth $151,000. Acadian Asset Management LLC raised its holdings in shares of Otonomy by 722.6% during the fourth quarter. Acadian Asset Management LLC now owns 35,996 shares of the biopharmaceutical company’s stock worth $200,000 after acquiring an additional 31,620 shares in the last quarter. Finally, Highland Capital Management LP purchased a new stake in shares of Otonomy during the fourth quarter worth $222,000. Institutional investors and hedge funds own 72.33% of the company’s stock.
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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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