Bank of New York Mellon Corp raised its stake in Otonomy Inc (NASDAQ:OTIC) by 72.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 596,784 shares of the biopharmaceutical company’s stock after buying an additional 249,845 shares during the quarter. Bank of New York Mellon Corp owned about 1.97% of Otonomy worth $1,939,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Otonomy during the third quarter worth approximately $126,000. Lakeview Capital Partners LLC acquired a new position in Otonomy in the third quarter valued at approximately $120,000. California State Teachers Retirement System boosted its holdings in Otonomy by 5.7% in the second quarter. California State Teachers Retirement System now owns 49,993 shares of the biopharmaceutical company’s stock valued at $942,000 after purchasing an additional 2,700 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Otonomy by 13.7% in the second quarter. The Manufacturers Life Insurance Company now owns 23,105 shares of the biopharmaceutical company’s stock valued at $435,000 after purchasing an additional 2,776 shares in the last quarter. Finally, Voya Investment Management LLC boosted its holdings in Otonomy by 17.9% in the second quarter. Voya Investment Management LLC now owns 12,606 shares of the biopharmaceutical company’s stock valued at $238,000 after purchasing an additional 1,918 shares in the last quarter. 60.57% of the stock is currently owned by institutional investors.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded Otonomy from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Piper Jaffray Companies reiterated a “hold” rating and issued a $8.00 price objective on shares of Otonomy in a research report on Friday, November 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $9.15.
Otonomy (NASDAQ:OTIC) last issued its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.15. The firm had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.43 million. Otonomy had a negative return on equity of 60.74% and a negative net margin of 7,899.03%. The firm’s revenue was down 12.8% on a year-over-year basis. analysts expect that Otonomy Inc will post -2.88 earnings per share for the current year.
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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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