Oppenheimer Reaffirms “Buy” Rating for Otonomy (NASDAQ:OTIC)

Oppenheimer reaffirmed their buy rating on shares of Otonomy (NASDAQ:OTIC) in a research note issued to investors on Monday, TipRanks reports. The brokerage currently has a $8.00 price objective on the biopharmaceutical company’s stock.

Several other research analysts also recently commented on the company. ValuEngine downgraded Otonomy from a buy rating to a hold rating in a report on Thursday, July 2nd. Cantor Fitzgerald lifted their price target on Otonomy from $3.00 to $9.00 and gave the stock an overweight rating in a research note on Tuesday, June 16th. HC Wainwright reiterated a buy rating and issued a $8.00 price objective on shares of Otonomy in a research report on Tuesday, June 16th. Zacks Investment Research upgraded shares of Otonomy from a hold rating to a buy rating and set a $2.75 target price on the stock in a report on Friday, May 29th. Finally, Craig Hallum assumed coverage on shares of Otonomy in a research note on Friday, May 29th. They issued a buy rating and a $8.00 target price on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $7.75.

OTIC stock opened at $3.56 on Monday. The company has a market capitalization of $109.90 million, a PE ratio of -2.46 and a beta of 2.36. The company has a debt-to-equity ratio of 0.96, a quick ratio of 4.44 and a current ratio of 4.44. Otonomy has a one year low of $1.53 and a one year high of $4.18. The company’s 50 day moving average price is $3.04 and its two-hundred day moving average price is $2.87.

Otonomy (NASDAQ:OTIC) last released its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.38) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.36) by ($0.02). The business had revenue of $0.16 million for the quarter. Otonomy had a negative net margin of 7,826.41% and a negative return on equity of 98.90%. On average, research analysts predict that Otonomy will post -1.4 EPS for the current year.

A number of large investors have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Otonomy in the 1st quarter worth approximately $61,000. Acadian Asset Management LLC raised its holdings 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 valued at $316,000 after acquiring an additional 35,603 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Otonomy by 156.8% during the first quarter. JPMorgan Chase & Co. now owns 31,106 shares of the biopharmaceutical company’s stock valued at $61,000 after acquiring an additional 18,995 shares in the last quarter. Sofinnova Investments Inc. lifted its stake in Otonomy by 5.4% in the fourth quarter. Sofinnova Investments Inc. now owns 1,515,629 shares of the biopharmaceutical company’s stock worth $5,804,000 after acquiring an additional 77,664 shares during the period. Finally, Ensign Peak Advisors Inc purchased a new stake in Otonomy in the first quarter worth $44,000. Institutional investors own 58.13% of the company’s stock.

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.

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