StockNews.com started coverage on shares of Otonomy (NASDAQ:OTIC – Get Rating) in a research report sent to investors on Saturday morning. The firm issued 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 dropped their price target for the company from $3.00 to $0.50 in a research note on Thursday, October 13th.
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Otonomy Price Performance
Shares of Otonomy stock opened at $0.07 on Friday. The firm has a market capitalization of $4.23 million, a P/E ratio of -0.10 and a beta of 1.31. Otonomy has a 52 week low of $0.06 and a 52 week high of $2.59. The firm's 50 day moving average is $0.11 and its two-hundred day moving average is $0.68.
Hedge Funds Weigh In On Otonomy
Hedge funds have recently added to or reduced their stakes in the stock. Requisite Capital Management LLC acquired a new stake in shares of Otonomy in the third quarter valued at approximately $44,000. Two Sigma Investments LP boosted its holdings in shares of Otonomy by 129.2% in the third quarter. Two Sigma Investments LP now owns 142,183 shares of the biopharmaceutical company's stock valued at $42,000 after acquiring an additional 80,153 shares during the period. Lynx1 Capital Management LP boosted its holdings in shares of Otonomy by 7,609.6% in the third 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. Point72 Asset Management L.P. acquired a new stake in shares of Otonomy in the third quarter valued at approximately $1,621,000. Finally, State Street Corp boosted its holdings in shares of Otonomy by 5.1% in the first 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. 41.23% of the stock is currently owned by hedge funds and other institutional investors.
Otonomy Company Profile
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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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