Otonomy Inc. (OTIC) Trading 5.3% Higher
Otonomy Inc. (NASDAQ:OTIC)’s share price traded up 5.3% during trading on Monday . The stock traded as high as $17.39 and last traded at $17.26, with a volume of 70,752 shares. The stock had previously closed at $16.39.
Several equities analysts have recently commented on the stock. Piper Jaffray Cos. restated a “buy” rating on shares of Otonomy in a report on Sunday, May 22nd. Zacks Investment Research upgraded shares of Otonomy from a “sell” rating to a “hold” rating in a report on Friday, June 24th. Finally, WallachBeth Capital assumed coverage on shares of Otonomy in a report on Thursday, May 26th. They set a “buy” rating and a $29.00 target price on the stock.
The firm’s market cap is $513.46 million. The stock has a 50 day moving average price of $15.23 and a 200-day moving average price of $14.87.
An institutional investor recently raised its position in Otonomy stock. Jennison Associates LLC boosted its position in Otonomy Inc. (NASDAQ:OTIC) by 7.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 about 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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