Otonomy Inc. (NASDAQ:OTIC)’s share price shot up 2.1% during mid-day trading on Friday . The stock traded as high as $16.17 and last traded at $16.01, with a volume of 143,612 shares changing hands. The stock had previously closed at $15.68.

Several brokerages have recently issued reports on OTIC. WallachBeth Capital began coverage on Otonomy in a research note on Thursday, May 26th. They set a “buy” rating and a $29.00 price target on the stock. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $32.00 price target (down previously from $42.00) on shares of Otonomy in a research note on Monday, August 8th. Finally, Zacks Investment Research raised Otonomy from a “sell” rating to a “hold” rating in a research note on Thursday, August 18th.

The company’s 50 day moving average price is $15.53 and its 200-day moving average price is $15.03. The company’s market capitalization is $482.99 million.

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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