Otonomy Inc. (NASDAQ:OTIC) fell 1.7% during mid-day trading on Monday . The stock traded as low as $15.54 and last traded at $15.59, with a volume of 205,389 shares traded. The stock had previously closed at $15.86.

Several brokerages have issued reports on OTIC. Piper Jaffray Cos. restated a “buy” rating on shares of Otonomy in a report on Sunday, May 22nd. Zacks Investment Research upgraded Otonomy from a “sell” rating to a “hold” rating in a report on Friday, June 24th. Finally, WallachBeth Capital began coverage on Otonomy in a research report on Thursday, May 26th. They set a “buy” rating and a $29.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $30.33.

The stock’s market capitalization is $469.46 million. The firm has a 50-day moving average of $15.34 and a 200-day moving average of $15.69.

Several institutional investors have made changes to their positions in OTIC. EAM Investors LLC acquired a new position in shares of Otonomy during the fourth quarter worth $3,168,000. Advisors Asset Management Inc. increased its position in Otonomy by 9.1% in the fourth quarter. Advisors Asset Management Inc. now owns 118,779 shares of the biopharmaceutical company’s stock valued at $3,296,000 after buying an additional 9,872 shares during the last quarter. Finally, Jennison Associates LLC increased its position in Otonomy by 7.9% in the fourth quarter. Jennison Associates LLC now owns 2,681,091 shares of the biopharmaceutical company’s stock valued at $74,400,000 after buying an additional 197,174 shares during the last quarter.

Otonomy, Inc is a biopharmaceutical company. The Company focuses on the development and commercialization of therapeutics for diseases and disorders of the ear. The Company has developed a technology referred to as sustained-exposure that is designed to deliver drug that is retained in the ear for an extended period of time following a local administration.

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