Otonomy, Inc. (NASDAQ:OTIC)’s share price dropped 8.6% during trading on Thursday . The stock traded as low as $3.15 and last traded at $3.48. Approximately 2,400,585 shares traded hands during trading, an increase of 95% from the average daily volume of 1,228,730 shares. The stock had previously closed at $3.20.

OTIC has been the topic of several research analyst reports. Piper Jaffray Companies cut shares of Otonomy from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $32.00 to $8.00 in a research report on Wednesday, August 30th. J P Morgan Chase & Co cut shares of Otonomy from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $28.00 to $8.00 in a research report on Wednesday, August 30th. Cowen and Company reaffirmed an “outperform” rating and set a $9.00 price target (down previously from $55.00) on shares of Otonomy in a research report on Thursday, August 31st. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $15.00 price target (down previously from $45.00) on shares of Otonomy in a research report on Thursday, August 31st. Finally, Zacks Investment Research cut shares of Otonomy from a “hold” rating to a “sell” rating in a research report on Wednesday, May 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Otonomy presently has an average rating of “Hold” and an average price target of $11.00.

The firm’s market cap is $109.09 million. The stock has a 50-day moving average price of $15.80 and a 200 day moving average price of $14.80.

Otonomy (NASDAQ:OTIC) last issued its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.03. Otonomy had a negative net margin of 8,172.38% and a negative return on equity of 57.43%. The business had revenue of $0.33 million for the quarter, compared to analyst estimates of $0.43 million. During the same period in the previous year, the business earned ($0.98) EPS. The firm’s revenue was up 312.5% on a year-over-year basis. Equities analysts expect that Otonomy, Inc. will post ($3.23) EPS 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 shares were sold at an average price of $18.59, for a total transaction of $65,473.98. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 12.70% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its position in Otonomy by 28.9% in the first quarter. Wellington Management Group LLP now owns 4,211,357 shares of the biopharmaceutical company’s stock valued at $51,590,000 after buying an additional 944,663 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Otonomy in the first quarter valued at about $7,355,000. JPMorgan Chase & Co. boosted its position in Otonomy by 10,065.2% in the second quarter. JPMorgan Chase & Co. now owns 517,410 shares of the biopharmaceutical company’s stock valued at $9,753,000 after buying an additional 512,320 shares in the last quarter. Schroder Investment Management Group boosted its position in Otonomy by 37.5% in the first quarter. Schroder Investment Management Group now owns 763,368 shares of the biopharmaceutical company’s stock valued at $9,351,000 after buying an additional 208,221 shares in the last quarter. Finally, Kingdon Capital Management L.L.C. boosted its position in Otonomy by 27.9% in the first quarter. Kingdon Capital Management L.L.C. now owns 773,693 shares of the biopharmaceutical company’s stock valued at $9,478,000 after buying an additional 168,833 shares in the last quarter. Institutional investors and hedge funds 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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