Otonomy Inc. (OTIC) Trading Up 5.3%
Otonomy Inc. (NASDAQ:OTIC)’s share price was 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 changing hands. The stock had previously closed at $16.39.
Several equities analysts have commented on OTIC shares. Piper Jaffray Cos. reissued an “overweight” rating and set a $42.00 price objective (down previously from $46.00) on shares of Otonomy in a research report on Tuesday, May 10th. Zacks Investment Research raised Otonomy from a “sell” rating to a “hold” rating in a research report on Wednesday, August 3rd. Finally, WallachBeth Capital started coverage on Otonomy in a research report on Thursday, May 26th. They set a “buy” rating and a $29.00 price objective for the company.
The stock has a 50-day moving average of $15.34 and a 200-day moving average of $14.90. The company’s market capitalization is $517.38 million.
A hedge fund recently raised its stake in Otonomy stock. Jennison Associates LLC increased its stake in shares of Otonomy Inc. (NASDAQ:OTIC) by 7.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 about 11.06% of Otonomy worth $74,400,000 at the end of the most recent quarter.
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.