Otonomy Inc. (NASDAQ:OTIC) fell 3.1% on Wednesday . The stock traded as low as $16.55 and last traded at $16.61, with a volume of 70,341 shares. The stock had previously closed at $17.15.

Several brokerages have recently weighed in on OTIC. Piper Jaffray Cos. reiterated an “overweight” rating and set a $32.00 target price on shares of Otonomy in a research note on Monday. Zacks Investment Research downgraded shares of Otonomy from a “hold” rating to a “sell” rating in a research note on Wednesday, August 10th. Finally, WallachBeth Capital began coverage on shares of Otonomy in a research note on Thursday, May 26th. They set a “buy” rating and a $29.00 target price for the company.

The company’s 50 day moving average price is $15.36 and its 200 day moving average price is $14.91. The stock’s market capitalization is $501.09 million.

A hedge fund recently raised its stake 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 filing with the Securities and Exchange Commission (SEC). The institutional investor 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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