Piper Sandler Assumes Otonomy (OTIC) at Overweight, PT Raised to $6
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Piper Sandler analyst Christopher Raymond assumes coverage on Otonomy (NASDAQ: OTIC) with an Overweight rating while raising the price target to $6.00 (from $5.00).
The analyst commented, "While the P3 failure of Otividex this past February represented a setback for the company, we would argue that at current levels the stock reflects little if any value for a full pipeline of targeted agents for the ear, two of which (OTO-313 and OTO-413) have already demonstrated POC efficacy with additional validating readouts expected mid-2022. With shares trading at a discount to peers (OTIC’s EV is <$50M vs a peer group closer to ~$170M), we think the setup is favorable for OTIC shares. Now modeling only OTO-313 and OTO-413, we derive a SoP valuation of $6/sh, representing compelling upside."
Shares of Otonomy closed at $2.29 yesterday.
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