Otonomy Inc. (NASDAQ:OTIC) fell 1.8% during trading on Friday . The stock traded as low as $13.92 and last traded at $14.94, with a volume of 223,031 shares changing hands. The stock had previously closed at $15.22.

Several research firms recently commented on OTIC. Piper Jaffray Cos. reaffirmed a “buy” rating on shares of Otonomy in a report on Sunday, May 22nd. Zacks Investment Research raised 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 report on Thursday, May 26th. They issued a “buy” rating and a $29.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $30.33.

The firm has a 50-day moving average of $15.18 and a 200 day moving average of $14.90. The firm’s market capitalization is $449.59 million.

A hedge fund recently raised its stake in Otonomy stock. Jennison Associates LLC raised its stake in shares of Otonomy Inc. (NASDAQ:OTIC) by 7.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,681,091 shares of the biopharmaceutical company’s stock after buying an additional 197,174 shares during the period. Jennison Associates LLC owned about 11.06% of Otonomy worth $74,400,000 as of its most recent filing with the SEC.

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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