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

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

Otonomy Price Performance

Shares of NASDAQ OTIC opened at $0.11 on Friday. The firm has a market cap of $7.40 million, a PE ratio of -0.14 and a beta of 1.55. Otonomy has a 12-month low of $0.06 and a 12-month high of $2.59. The company's fifty day simple moving average is $0.10 and its 200 day simple moving average is $0.25.

Institutional Trading of Otonomy

Several institutional investors and hedge funds have recently made changes to their positions in OTIC. Point72 Asset Management L.P. purchased a new stake in shares of Otonomy in the third quarter valued at about $1,621,000. Lynx1 Capital Management LP increased its holdings in Otonomy by 7,609.6% during the third quarter. Lynx1 Capital Management LP now owns 2,312,880 shares of the biopharmaceutical company's stock worth $682,000 after buying an additional 2,282,880 shares during the last quarter. Requisite Capital Management LLC purchased a new stake in Otonomy during the third quarter worth about $44,000. Dimensional Fund Advisors LP increased its holdings in Otonomy by 17.7% during the first quarter. Dimensional Fund Advisors LP now owns 841,694 shares of the biopharmaceutical company's stock worth $2,020,000 after buying an additional 126,747 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in Otonomy by 129.2% during the third quarter. Two Sigma Investments LP now owns 142,183 shares of the biopharmaceutical company's stock worth $42,000 after buying an additional 80,153 shares during the last quarter. Hedge funds and other institutional investors own 41.23% of the company's stock.

About Otonomy

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Otonomy, Inc operates as a biopharmaceutical company. engages in the development of therapeutics for neurotology. The firm's product pipeline includes OTIVIDEX (dexamethasone) Meniere's disease, OTIPRIO (ciprofloxacin otic suspension) acute otitis media with tubes (AOMT), OTO-313 (gacyclidine) tinnitus, OTO-413 (BDNF) hidden hearing Loss, OTO-510 (otoprotectant) prevent CIHL, OTO-6XX (hair cell regeneration) severe hearing loss.

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