StockNews.com began coverage on shares of Otonomy (NASDAQ:OTIC – Get Rating) in a research report sent to investors on Thursday. The firm issued a hold rating on the biopharmaceutical company's stock.

Otonomy Price Performance

Otonomy stock opened at $0.11 on Thursday. The business's 50-day simple moving average is $0.11 and its 200 day simple moving average is $0.13. The stock has a market cap of $7.74 million, a price-to-earnings ratio of -0.15 and a beta of 1.58. Otonomy has a 12-month low of $0.06 and a 12-month high of $2.54.

Hedge Funds Weigh In On Otonomy

Hedge funds have recently added to or reduced their stakes in the company. Silverarc Capital Management LLC boosted its holdings in Otonomy by 0.6% in the first quarter. Silverarc Capital Management LLC now owns 1,207,385 shares of the biopharmaceutical company's stock valued at $2,898,000 after acquiring an additional 7,571 shares during the last quarter. Dimensional Fund Advisors LP boosted 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. State Street Corp boosted its holdings in Otonomy by 5.1% during the first quarter. State Street Corp now owns 182,239 shares of the biopharmaceutical company's stock worth $437,000 after buying an additional 8,839 shares during the last quarter. Two Sigma Investments LP boosted 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. Finally, Requisite Capital Management LLC bought a new position in shares of Otonomy during the 3rd quarter valued at about $44,000. 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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