Otonomy (NASDAQ:OTIC) Given New $3.00 Price Target at Piper Sandler

Otonomy (NASDAQ:OTICGet Rating) had its target price reduced by Piper Sandler from $6.00 to $3.00 in a research report report published on Monday morning, The Fly reports.

OTIC has been the topic of a number of other research reports. StockNews.com began coverage on Otonomy in a research note on Saturday. They issued a hold rating on the stock. Oppenheimer raised their price objective on shares of Otonomy from $5.00 to $6.00 and gave the stock an outperform rating in a research note on Wednesday, April 20th.

Otonomy Stock Performance

OTIC opened at $0.29 on Monday. The company has a current ratio of 4.83, a quick ratio of 4.83 and a debt-to-equity ratio of 0.49. Otonomy has a 12-month low of $0.29 and a 12-month high of $2.59. The firm has a 50 day moving average of $1.96 and a two-hundred day moving average of $2.08. The firm has a market capitalization of $16.60 million, a PE ratio of -0.37 and a beta of 1.30.

Otonomy (NASDAQ:OTICGet Rating) last issued its earnings results on Monday, July 25th. The biopharmaceutical company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.01. During the same quarter in the previous year, the firm posted ($0.19) EPS. On average, analysts anticipate that Otonomy will post -0.75 EPS for the current year.

Hedge Funds Weigh In On Otonomy

A number of large investors have recently bought and sold shares of the business. State Street Corp increased its position in shares of Otonomy by 5.1% in the first quarter. State Street Corp now owns 182,239 shares of the biopharmaceutical company’s stock valued at $437,000 after buying an additional 8,839 shares in the last quarter. Suvretta Capital Management LLC raised its position in Otonomy by 17.4% during the first quarter. Suvretta Capital Management LLC now owns 3,144,196 shares of the biopharmaceutical company’s stock worth $7,546,000 after acquiring an additional 466,081 shares during the period. Silverarc Capital Management LLC lifted its holdings in Otonomy by 0.6% during the first quarter. Silverarc Capital Management LLC now owns 1,207,385 shares of the biopharmaceutical company’s stock valued at $2,898,000 after purchasing an additional 7,571 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Otonomy by 17.7% in the first quarter. Dimensional Fund Advisors LP now owns 841,694 shares of the biopharmaceutical company’s stock valued at $2,020,000 after purchasing an additional 126,747 shares during the period. Finally, Lynx1 Capital Management LP purchased a new stake in shares of Otonomy during the fourth quarter worth about $62,000. Institutional investors and hedge funds own 61.60% of the company’s stock.

About Otonomy

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Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase II clinical trials to treat tinnitus; and OTO-413, a sustained-exposure formulation of brain-derived neurotrophic factor that is in Phase IIa clinical trials for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

Further Reading

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