Otonomy Inc (OTIC) Trading 3% Higher
Otonomy Inc (NASDAQ:OTIC)’s share price traded up 3% 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 equities analysts have weighed in on the company. Piper Jaffray Cos. reissued a “buy” rating and set a $46.00 price objective on shares of Otonomy in a research note on Monday, April 18th. Zacks Investment Research raised Otonomy from a “sell” rating to a “hold” rating in a research note on Friday, June 24th. Finally, WallachBeth Capital assumed coverage on Otonomy in a research note on Thursday, May 26th. They issued a “buy” rating and a $29.00 price target on the stock. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Otonomy currently has a consensus rating of “Buy” and an average target price of $28.67.
The company’s 50-day moving average is $15.18 and its 200 day moving average is $14.87. The firm’s market cap is $480.90 million.
An institutional investor recently raised its position in Otonomy stock. Jennison Associates LLC boosted its position in shares of Otonomy Inc (NASDAQ:OTIC) by 7.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 11.06% of Otonomy worth $74,400,000 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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