Shares of Otonomy Inc. (NASDAQ:OTIC) fell 4.2% during mid-day trading on Wednesday . The stock traded as low as $16.46 and last traded at $16.54, with a volume of 64,814 shares changing hands. The stock had previously closed at $17.26.

Several brokerages have issued reports on OTIC. Piper Jaffray Cos. reaffirmed a “buy” rating on shares of Otonomy in a report on Sunday, May 22nd. Zacks Investment Research raised shares of Otonomy from a “sell” rating to a “hold” rating in a report on Friday, June 24th. Finally, WallachBeth Capital began coverage on shares of Otonomy in a report on Thursday, May 26th. They issued a “buy” rating and a $29.00 price target on the stock.

The stock’s 50-day moving average is $15.52 and its 200 day moving average is $15.00. The stock’s market cap is $489.02 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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