Analysts at StockNews.com began coverage on shares of Otonomy (NASDAQ:OTIC – Get Rating) in a research note issued to investors on Monday. The brokerage set a "hold" rating on the biopharmaceutical company's stock.

Separately, Piper Sandler downgraded shares of Otonomy from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $3.00 to $0.50 in a research report on Thursday, October 13th.

Otonomy Trading Up 4.3 %

Shares of NASDAQ OTIC opened at $0.10 on Monday. The stock has a market cap of $6.29 million, a P/E ratio of -0.13 and a beta of 1.47. Otonomy has a 12-month low of $0.06 and a 12-month high of $2.59. The business's fifty day simple moving average is $0.11 and its 200-day simple moving average is $0.56.

Institutional Trading of Otonomy

A number of hedge funds and other institutional investors have recently modified their holdings of OTIC. Dimensional Fund Advisors LP raised its stake in Otonomy by 17.7% during the first quarter. Dimensional Fund Advisors LP now owns 841,694 shares of the biopharmaceutical company's stock valued at $2,020,000 after buying an additional 126,747 shares in the last quarter. Silverarc Capital Management LLC raised its position in shares of Otonomy by 0.6% during the 1st quarter. Silverarc Capital Management LLC now owns 1,207,385 shares of the biopharmaceutical company's stock worth $2,898,000 after purchasing an additional 7,571 shares during the period. State Street Corp increased its position in Otonomy by 5.1% in the 1st quarter. State Street Corp now owns 182,239 shares of the biopharmaceutical company's stock valued at $437,000 after acquiring an additional 8,839 shares during the period. Point72 Asset Management L.P. acquired a new stake in Otonomy in the 3rd quarter valued at approximately $1,621,000. Finally, Lynx1 Capital Management LP increased its position in Otonomy by 7,609.6% in the 3rd quarter. Lynx1 Capital Management LP now owns 2,312,880 shares of the biopharmaceutical company's stock valued at $682,000 after acquiring an additional 2,282,880 shares during the period. 41.23% of the stock is owned by hedge funds and other institutional investors.

Otonomy Company Profile

(Get Rating)

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase II clinical trials to treat tinnitus; and OTO-413, a sustained-exposure formulation of brain-derived neurotrophic factor that is in Phase IIa clinical trials for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

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