Otonomy (OTIC) PT Cut to $32 at Piper Jaffray Post Q2; Maintains 'Overweight'
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Piper Jaffray analyst Joshua Schimmer lowered his price target on Otonomy (NASDAQ: OTIC) to $32.00 (from $42.00) following results after the close but maintained an Overweight rating.
Schimmer commented, "After the close, OTIC reported 2Q16 results and provided an update on the launch of Otiprio for pediatric patients undergoing tympanostomy tube placement (TTP). The company is navigating the hospital P&T committee review process to ensure access and reimbursement and has achieved a high success rate of formulary approval with hundreds of additional hospital reviews scheduled. Multiple upcoming milestones are expected in 2H16 as the company actively pursues expansion opportunities for Otiprio. We reiterate our OW rating."
Shares of Otonomy closed at $15.22 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Joshua Schimmer
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