Shares of Otonomy, Inc. (NASDAQ:OTIC) reached a new 52-week low on Wednesday . The company traded as low as $3.18 and last traded at $3.15, with a volume of 2,559,076 shares changing hands. The stock had previously closed at $3.38.

A number of research firms have recently weighed in on OTIC. Piper Jaffray Companies downgraded Otonomy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $32.00 to $8.00 in a research report on Wednesday, August 30th. J P Morgan Chase & Co downgraded Otonomy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $28.00 to $8.00 in a research report on Wednesday, August 30th. Cowen and Company reiterated an “outperform” rating and set a $55.00 target price on shares of Otonomy in a research report on Wednesday, August 23rd. Zacks Investment Research upgraded Otonomy from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Finally, BidaskClub downgraded Otonomy from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $11.00.

The company has a 50-day moving average price of $17.12 and a 200-day moving average price of $15.04. The firm’s market capitalization is $96.97 million.

Otonomy (NASDAQ:OTIC) last released its quarterly earnings data on Thursday, August 3rd. The biopharmaceutical company reported ($0.77) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.80) by $0.03. The firm had revenue of $0.33 million for the quarter, compared to the consensus estimate of $0.43 million. Otonomy had a negative return on equity of 57.43% and a negative net margin of 8,172.38%. The company’s quarterly revenue was up 312.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.98) earnings per share. Equities analysts expect that Otonomy, Inc. will post ($3.23) earnings per share for the current fiscal year.

In other news, insider Eric J. Loumeau sold 3,522 shares of Otonomy stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $18.59, for a total value of $65,473.98. The transaction was disclosed in a filing with the SEC, which is available at this link. 12.70% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in OTIC. Teachers Advisors LLC increased its holdings in shares of Otonomy by 5.0% in the fourth quarter. Teachers Advisors LLC now owns 40,811 shares of the biopharmaceutical company’s stock worth $649,000 after buying an additional 1,927 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Otonomy by 5.8% in the first quarter. Wells Fargo & Company MN now owns 19,190 shares of the biopharmaceutical company’s stock worth $236,000 after buying an additional 1,045 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Otonomy by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 335,156 shares of the biopharmaceutical company’s stock worth $4,106,000 after buying an additional 14,695 shares during the period. Swiss National Bank increased its holdings in shares of Otonomy by 8.4% in the first quarter. Swiss National Bank now owns 34,800 shares of the biopharmaceutical company’s stock worth $426,000 after buying an additional 2,700 shares during the period. Finally, Trexquant Investment LP purchased a new position in shares of Otonomy in the first quarter worth about $123,000. Hedge funds and other institutional investors own 88.74% of the company’s stock.

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Otonomy Company Profile

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’s product candidates include OTIPRIO, OTO-104 and OTO-311. OTIPRIO is a single-dose, physician-administered antibacterial, which is used for the treatment of pediatric patients with bilateral otitis media with effusion undergoing tympanostomy tube placement (TTP) surgery and is available for commercial purchase.

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