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

OTIC has been the topic of a number of recent research reports. Piper Jaffray Cos. reaffirmed a “buy” rating and issued a $46.00 target price on shares of Otonomy in a research note on Monday, April 18th. WallachBeth Capital initiated coverage on Otonomy in a research note on Thursday, May 26th. They issued a “buy” rating and a $29.00 target price on the stock. Finally, Zacks Investment Research raised Otonomy from a “sell” rating to a “hold” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $30.33.

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

A hedge fund recently raised its stake in Otonomy stock. Advisors Asset Management Inc. increased its position in shares of Otonomy Inc. (NASDAQ:OTIC) by 9.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 118,779 shares of the biopharmaceutical company’s stock after buying an additional 9,872 shares during the period. Advisors Asset Management Inc. owned 0.49% of Otonomy worth $3,296,000 as of its most recent SEC filing.

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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