Otonomy (NASDAQ:OTIC) Given New $9.00 Price Target at HC Wainwright

Otonomy (NASDAQ:OTIC) had its target price raised by HC Wainwright from $8.00 to $9.00 in a research report sent to investors on Tuesday, The Fly reports. HC Wainwright currently has a buy rating on the biopharmaceutical company’s stock.

OTIC has been the subject of several other research reports. Cantor Fitzgerald raised their target price on shares of Otonomy from $3.00 to $9.00 and gave the stock an overweight rating in a report on Tuesday, June 16th. Oppenheimer reaffirmed a buy rating and issued a $8.00 price objective on shares of Otonomy in a report on Monday, July 6th. Craig Hallum started coverage on shares of Otonomy in a report on Friday, May 29th. They issued a buy rating and a $8.00 price objective for the company. ValuEngine cut shares of Otonomy from a buy rating to a hold rating in a report on Thursday, July 2nd. Finally, Zacks Investment Research raised shares of Otonomy from a hold rating to a buy rating and set a $2.75 price objective for the company in a report on Friday, May 29th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Otonomy presently has a consensus rating of Buy and an average target price of $7.75.

Shares of Otonomy stock opened at $3.85 on Tuesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 4.44 and a quick ratio of 4.44. The firm has a fifty day moving average price of $3.09 and a 200 day moving average price of $2.88. Otonomy has a 1 year low of $1.53 and a 1 year high of $4.32. The stock has a market cap of $117.92 million, a PE ratio of -2.66 and a beta of 2.36.

Otonomy (NASDAQ:OTIC) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.38) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.36) by ($0.02). Otonomy had a negative return on equity of 98.90% and a negative net margin of 7,826.41%. The business had revenue of $0.16 million for the quarter. As a group, equities analysts expect that Otonomy will post -1.37 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in shares of Otonomy by 12.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,939,965 shares of the biopharmaceutical company’s stock worth $7,430,000 after purchasing an additional 219,096 shares in the last quarter. Sofinnova Investments Inc. increased its stake in shares of Otonomy by 5.4% during the fourth quarter. Sofinnova Investments Inc. now owns 1,515,629 shares of the biopharmaceutical company’s stock worth $5,804,000 after purchasing an additional 77,664 shares in the last quarter. Granahan Investment Management Inc. MA purchased a new stake in shares of Otonomy during the first quarter worth about $326,000. Acadian Asset Management LLC increased its stake in shares of Otonomy by 28.5% during the first quarter. Acadian Asset Management LLC now owns 160,691 shares of the biopharmaceutical company’s stock worth $316,000 after purchasing an additional 35,603 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in shares of Otonomy by 222.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 137,746 shares of the biopharmaceutical company’s stock worth $528,000 after purchasing an additional 95,000 shares in the last quarter. 58.13% of the stock is owned by institutional investors.

About Otonomy

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. It also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase I/II clinical trial to treat tinnitus; and OTO-413, a proprietary formulation of brain-derived neurotrophic factor that is in Phase I/II clinical trial for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

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