Otonomy (NASDAQ:OTIC) Stock Passes Above 50-Day Moving Average of $0.11

Otonomy, Inc. (NASDAQ:OTIC – Get Rating) crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $0.11 and traded as high as $0.13. Otonomy shares last traded at $0.11, with a volume of 1,365,375 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on OTIC shares. StockNews.com initiated coverage on shares of Otonomy in a research report on Wednesday. They issued a “hold” rating for the company. Piper Sandler downgraded Otonomy from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $3.00 to $0.50 in a research report on Thursday, October 13th.

Otonomy Trading Up 7.2 %

The company has a market capitalization of $6.87 million, a PE ratio of -0.14 and a beta of 1.47. The company’s 50 day moving average price is $0.11 and its 200-day moving average price is $0.39.

Otonomy (NASDAQ:OTIC – Get Rating) last issued its earnings results on Thursday, November 10th. The biopharmaceutical company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.01. As a group, analysts predict that Otonomy, Inc. will post -0.8 earnings per share for the current year.

Institutional Trading of Otonomy

A number of institutional investors and hedge funds have recently bought and sold shares of OTIC. Requisite Capital Management LLC acquired a new position in Otonomy during the third quarter valued at approximately $44,000. Two Sigma Investments LP lifted its holdings in shares of Otonomy by 129.2% during the 3rd quarter. Two Sigma Investments LP now owns 142,183 shares of the biopharmaceutical company’s stock valued at $42,000 after acquiring an additional 80,153 shares in the last quarter. Lynx1 Capital Management LP boosted its position in Otonomy by 7,609.6% during the 3rd quarter. Lynx1 Capital Management LP now owns 2,312,880 shares of the biopharmaceutical company’s stock worth $682,000 after purchasing an additional 2,282,880 shares during the period. Point72 Asset Management L.P. acquired a new stake in Otonomy in the 3rd quarter valued at $1,621,000. Finally, State Street Corp increased its holdings in Otonomy by 5.1% in the 1st quarter. State Street Corp now owns 182,239 shares of the biopharmaceutical company’s stock valued at $437,000 after purchasing an additional 8,839 shares in the last quarter. Institutional investors and hedge funds own 41.23% of the company’s stock.

About Otonomy

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Otonomy, Inc operates as a biopharmaceutical company. engages in the development of therapeutics for neurotology. The firm’s product pipeline includes OTIVIDEX (dexamethasone) Meniere’s disease, OTIPRIO (ciprofloxacin otic suspension) acute otitis media with tubes (AOMT), OTO-313 (gacyclidine) tinnitus, OTO-413 (BDNF) hidden hearing Loss, OTO-510 (otoprotectant) prevent CIHL, OTO-6XX (hair cell regeneration) severe hearing loss.