Otonomy (OTIC): Otipro Setting Up For Sales Inflection - Piper Jaffray
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Piper Jaffray analyst, Joshua Schimmer, reiterated his Overweight rating on shares of Otonomy (NASDAQ: OTIC) now that the launch of OTIC's Otiprio for children undergoing bilateral tympanostomy tube placement (TTP) is underway. Commentary on the company's 2Q earnings call suggests strong progress working with payors and hospital P&T committees to enable access. The analyst expects these efforts to continue throughout the year and to position the company for a sales inflection point around the time of the winter season. There are a number of key data readouts over the next 12-18 months that may meaningfully expand the outlook for the OTIC's franchise. With a modest $240M enterprise value and roughly an equivalent cash position, Otiprio for TTP alone should be able to drive upside over the longer term, and assuming success with any new indication, potential additional and substantive upside awaits.
No change to the price target of $32 which reflects roughly 100% upside.
Shares of Otonomy closed at $17.02 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesPiper Jaffray, Earnings, Joshua Schimmer
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