Investment analysts at StockNews.com initiated coverage on shares of Otonomy (NASDAQ:OTIC – Get Rating) in a report issued on Saturday. The brokerage set a "hold" rating on the biopharmaceutical company's stock.
Separately, Piper Sandler cut shares of Otonomy from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $3.00 to $0.50 in a research report on Thursday, October 13th.
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Otonomy Price Performance
NASDAQ:OTIC opened at $0.08 on Friday. The firm has a 50-day moving average of $0.11 and a two-hundred day moving average of $0.71. The stock has a market cap of $4.40 million, a P/E ratio of -0.10 and a beta of 1.31. Otonomy has a 1-year low of $0.06 and a 1-year high of $2.59.
Institutional Investors Weigh In On Otonomy
A number of institutional investors have recently modified their holdings of OTIC. Point72 Asset Management L.P. acquired a new stake in shares of Otonomy in the 3rd quarter valued at about $1,621,000. Lynx1 Capital Management LP raised its stake in shares of 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 purchasing an additional 2,282,880 shares in the last quarter. Suvretta Capital Management LLC raised its stake in shares of Otonomy by 17.4% in the 1st quarter. Suvretta Capital Management LLC now owns 3,144,196 shares of the biopharmaceutical company's stock valued at $7,546,000 after purchasing an additional 466,081 shares in the last quarter. Requisite Capital Management LLC acquired a new stake in shares of Otonomy in the 3rd quarter valued at about $44,000. Finally, 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 worth $2,020,000 after acquiring an additional 126,747 shares during the period. Institutional investors and hedge funds own 41.23% of the company's stock.
About Otonomy
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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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