Craig Hallum started coverage on shares of Otonomy (NASDAQ:OTIC) in a report published on Friday, TipRanks reports. The brokerage issued a buy rating and a $8.00 price objective on the biopharmaceutical company’s stock.
OTIC has been the topic of several other research reports. ValuEngine raised shares of Otonomy from a hold rating to a buy rating in a research report on Friday, May 1st. Zacks Investment Research raised shares of Otonomy from a hold rating to a buy rating and set a $2.75 price objective on the stock in a research report on Friday. Five investment analysts have rated the stock with a buy rating, The company has an average rating of Buy and an average price target of $6.69.
NASDAQ OTIC opened at $2.68 on Friday. The company has a 50 day simple moving average of $2.32 and a 200-day simple moving average of $2.73. 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 market capitalization of $79.02 million, a price-to-earnings ratio of -1.85 and a beta of 2.32. Otonomy has a 52-week low of $1.53 and a 52-week high of $4.18.
Large investors have recently added to or reduced their stakes in the company. Ensign Peak Advisors Inc bought a new position in shares of Otonomy in the first quarter valued at approximately $44,000. JPMorgan Chase & Co. raised its position in shares of Otonomy by 156.8% in the first quarter. JPMorgan Chase & Co. now owns 31,106 shares of the biopharmaceutical company’s stock valued at $61,000 after purchasing an additional 18,995 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Otonomy in the first quarter valued at approximately $61,000. Acadian Asset Management LLC raised its position in shares of Otonomy by 28.5% in the first quarter. Acadian Asset Management LLC now owns 160,691 shares of the biopharmaceutical company’s stock valued at $316,000 after purchasing an additional 35,603 shares during the period. Finally, Granahan Investment Management Inc. MA acquired a new stake in shares of Otonomy in the first quarter worth $326,000. 58.13% of the stock is currently owned by institutional investors.
Otonomy Company Profile
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.
Further Reading: Are 12b-1 Fees Affecting Your Mutual Fund Performance?
Receive News & Ratings for Otonomy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otonomy and related companies with MarketBeat.com's FREE daily email newsletter.