After Cowen & Co. and Piper Sandler gave Otonomy (NASDAQ: OTIC) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Oren Livnat maintained a Buy rating on Otonomy today and set a price target of $9.00. The company’s shares closed last Monday at $3.18.
According to TipRanks.com, Livnat is a 3-star analyst with an average return of 2.6% and a 46.5% success rate. Livnat covers the Healthcare sector, focusing on stocks such as Collegium Pharmaceutical, Zynerba Pharmaceuticals, and Verrica Pharmaceuticals.
Currently, the analyst consensus on Otonomy is a Strong Buy with an average price target of $9.00, implying a 183.9% upside from current levels. In a report released yesterday, Oppenheimer also reiterated a Buy rating on the stock with a $8.00 price target.
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Based on Otonomy’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $160K and GAAP net loss of $11.76 million. In comparison, last year the company earned revenue of $192K and had a GAAP net loss of $11.98 million.
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Otonomy, Inc. is a biopharmaceutical company, which engages in the development of therapeutics for neurotology. The firm’s product pipeline includes OTIVIDEX (dexamethasone) Ménière’s disease; OTIPRIO (ciprofloxacin otic suspension) acute otitis media with tubes (AOMT); OTO-313 (gacyclidine) tinnitus; OTO-413 (BDNF) hidden hearing Loss; OTO-510 (otoprotectant) prevent CIHL; OTO-6XX (hair cell regeneration) severe hearing loss. It operates under the Otiprio brand. The company 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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