Otonomy (NASDAQ:OTIC) Lowered to “Neutral” at HC Wainwright

HC Wainwright downgraded shares of Otonomy (NASDAQ:OTICGet Rating) from a buy rating to a neutral rating in a research note issued to investors on Tuesday, The Fly reports.

Several other research firms have also recently issued reports on OTIC. Oppenheimer increased their target price on Otonomy from $5.00 to $6.00 and gave the stock an outperform rating in a research report on Wednesday, April 20th. StockNews.com assumed coverage on Otonomy in a research report on Saturday. They set a hold rating for the company. Finally, Piper Sandler cut their target price on Otonomy from $6.00 to $3.00 in a research report on Monday.

Otonomy Stock Down 14.4 %

OTIC stock opened at $0.25 on Tuesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.83 and a current ratio of 4.83. The business’s 50-day moving average is $1.93 and its two-hundred day moving average is $2.07. The company has a market cap of $14.21 million, a price-to-earnings ratio of -0.32 and a beta of 1.30. Otonomy has a fifty-two week low of $0.29 and a fifty-two week high of $2.59.

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

Hedge Funds Weigh In On Otonomy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lynx1 Capital Management LP bought a new position in Otonomy during the fourth quarter valued at approximately $62,000. State Street Corp boosted its stake in Otonomy by 5.1% during 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 during the last quarter. Dimensional Fund Advisors LP boosted its stake in Otonomy by 17.7% during the first quarter. Dimensional Fund Advisors LP now owns 841,694 shares of the biopharmaceutical company’s stock valued at $2,020,000 after buying an additional 126,747 shares during the last quarter. Silverarc Capital Management LLC boosted its stake 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 buying an additional 7,571 shares during the last quarter. Finally, Suvretta Capital Management LLC boosted its stake in Otonomy by 12.2% during the fourth quarter. Suvretta Capital Management LLC now owns 2,678,115 shares of the biopharmaceutical company’s stock valued at $5,570,000 after buying an additional 290,415 shares during the last quarter. 61.60% of the stock is owned by institutional investors.

Otonomy Company Profile

(Get Rating)

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.

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