Otonomy (OTIC) Receives a Buy from Cantor Fitzgerald


Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Otonomy (OTIC) yesterday and set a price target of $5. The company’s shares closed yesterday at $2.37.

Duncan said:

“. We reiterate our OW rating and 12-month price target of $5 per share on OTIC. On Monday, after market close, Otonomy reported 4Q18 revenues of $0.208M and cash of $97.3M. Our model projects current cash will provide two years of runaway (into 2021), which should include readout of the P3 study of OTIVIDEX for Ménière’s disease in 2020. We also expect to “hear about” the initiation of a P1/2 study of OTO-313 for tinnitus in 2Q19 and a in hearing loss in 3Q19, with data from these two studies also expected in 2020. Questions on the call centered around the P3 OTIVIDEX study in which enrollment appears on track for study completion in 1H20.”

According to TipRanks.com, Duncan is a 3-star analyst with an average return of 2.3% and a 48.6% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.

Otonomy has an analyst consensus of Hold.

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The company has a one-year high of $5.81 and a one-year low of $1.50. Currently, Otonomy has an average volume of 164.7K.

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Otonomy, Inc. is a biopharmaceutical company, which engages in the research, development, and manufacture of therapeutics for otology. The firm’s portfolio includes therapeutics for diseases and disorders of the ear such as Ménière’s disease, tinnitus, synaptopathy hearing loss, cisplatin-induced loss, severe hearing loss, TTP surgery, and acute otitis externa. It operates under the Otiprio brand. Otonomy was founded by Jay B. Lichter, Jeffrey Harris, Rick Friedman, and Allen F. Ryan in April 2008 and is headquartered in San Diego, CA.

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