Otonomy Inc. (OTIC) Shares Up 3%
Otonomy Inc. (NASDAQ:OTIC)’s share price shot up 3% during mid-day trading on Tuesday . The company traded as high as $15.78 and last traded at $15.66, with a volume of 69,470 shares traded. The stock had previously closed at $15.20.
A number of brokerages have issued reports on OTIC. Zacks Investment Research cut shares of Otonomy from a “hold” rating to a “sell” rating in a report on Wednesday. Piper Jaffray Cos. reissued an “overweight” rating and issued a $32.00 target price (down previously from $42.00) on shares of Otonomy in a report on Monday. Finally, WallachBeth Capital began coverage on shares of Otonomy in a report on Thursday, May 26th. They issued a “buy” rating and a $29.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $28.40.
The firm’s market cap is $457.05 million. The firm’s 50 day moving average price is $15.20 and its 200-day moving average price is $14.86.
An institutional investor recently raised its position in Otonomy stock. Advisors Asset Management Inc. boosted its position in Otonomy Inc. (NASDAQ:OTIC) by 9.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 about 0.49% of Otonomy worth $3,296,000 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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