Otonomy, Inc. (OTIC) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

Otonomy, Inc. (NASDAQ:OTIC) saw an uptick in trading volume on Thursday following a better than expected earnings announcement. 27,930,008 shares were traded during mid-day trading, an increase of 4,555% from the previous session’s volume of 600,004 shares.The stock last traded at $5.13 and had previously closed at $5.13.

The biopharmaceutical company reported ($0.69) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.84) by $0.15. The company had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.43 million. Otonomy had a negative net margin of 7,899.03% and a negative return on equity of 57.33%. The firm’s revenue was down 12.8% compared to the same quarter last year.

Several research firms recently weighed in on OTIC. ValuEngine cut shares of Otonomy from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Cowen and Company reaffirmed an “outperform” rating and set a $9.00 target price (down from $55.00) on shares of Otonomy in a research note on Thursday, August 31st. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $15.00 target price (down from $45.00) on shares of Otonomy in a research note on Thursday, August 31st. Piper Jaffray Companies cut shares of Otonomy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $32.00 to $8.00 in a research note on Wednesday, August 30th. Finally, J P Morgan Chase & Co cut shares of Otonomy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $28.00 to $8.00 in a research note on Wednesday, August 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $10.00.

Several large investors have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd purchased a new position in shares of Otonomy in the 3rd quarter worth $263,000. Bank of New York Mellon Corp grew its stake in shares of Otonomy by 72.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 596,784 shares of the biopharmaceutical company’s stock worth $1,939,000 after buying an additional 249,845 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Otonomy in the 3rd quarter worth $126,000. Lakeview Capital Partners LLC purchased a new position in shares of Otonomy in the 3rd quarter worth $120,000. Finally, California State Teachers Retirement System grew its stake in shares of Otonomy by 5.7% in the 2nd quarter. California State Teachers Retirement System now owns 49,993 shares of the biopharmaceutical company’s stock worth $942,000 after buying an additional 2,700 shares in the last quarter. 89.03% of the stock is owned by institutional investors and hedge funds.

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Otonomy Company Profile

Otonomy, Inc is a biopharmaceutical company. The Company focuses on the development and commercialization of therapeutics for diseases and disorders of the ear. The Company’s product candidates include OTIPRIO, OTO-104 and OTO-311. OTIPRIO is a single-dose, physician-administered antibacterial, which is used for the treatment of pediatric patients with bilateral otitis media with effusion undergoing tympanostomy tube placement (TTP) surgery and is available for commercial purchase.

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