Piper Jaffray Companies reiterated their hold rating on shares of Otonomy, Inc. (NASDAQ:OTIC) in a report published on Friday. The brokerage currently has a $8.00 price target on the biopharmaceutical company’s stock.

A number of other equities research analysts also recently issued reports on the stock. 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 note on Thursday, August 31st. J P Morgan Chase & Co downgraded shares of Otonomy from an overweight rating to a neutral rating and decreased their price target for the company from $28.00 to $8.00 in a research note 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 note on Thursday, August 31st. ValuEngine downgraded shares of Otonomy from a sell rating to a strong sell rating in a research note on Friday, September 1st. Finally, Zacks Investment Research raised shares of Otonomy from a sell rating to a hold rating in a research note on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $10.00.

Shares of Otonomy (NASDAQ OTIC) opened at $5.20 on Friday. Otonomy has a 12 month low of $2.80 and a 12 month high of $21.15.

Otonomy (NASDAQ:OTIC) last released its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.84) by $0.15. The company had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.43 million. Otonomy had a negative net margin of 7,899.03% and a negative return on equity of 60.74%. The business’s revenue was down 12.8% on a year-over-year basis. equities research analysts expect that Otonomy will post -3 earnings per share for the current year.

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Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Otonomy in the second quarter valued at $115,000. Legal & General Group Plc raised its stake in shares of Otonomy by 13.3% in the second quarter. Legal & General Group Plc now owns 6,348 shares of the biopharmaceutical company’s stock valued at $119,000 after acquiring an additional 746 shares during the period. Voya Investment Management LLC raised its stake in shares of Otonomy by 17.9% in the second quarter. Voya Investment Management LLC now owns 12,606 shares of the biopharmaceutical company’s stock valued at $238,000 after acquiring an additional 1,918 shares during the period. American International Group Inc. raised its stake in shares of Otonomy by 7.1% in the first quarter. American International Group Inc. now owns 14,800 shares of the biopharmaceutical company’s stock valued at $181,000 after acquiring an additional 981 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Otonomy in the first quarter valued at $216,000. 78.12% of the stock is currently owned by institutional investors and hedge funds.

About Otonomy

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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