Fintel reports that Baker Brothers has filed a 13G/A form with the SEC disclosing ownership of 3,448,263 shares of Otonomy Inc (OTIC). This represents 6.1% of the company.
In their previous filing dated February 14, 2022 they reported 7,844,692 shares and 13.80% of the company, a decrease in shares of 56.04% and a decrease in total ownership of 7.70% (calculated as current – previous percent ownership).
Otonomy recently reported negative news regarding their clinical trial for tinnitus:
- OTO-313 demonstrated no clinically meaningful improvement versus placebo for primary and secondary endpoints across all timepoints
- Company to discontinue development of OTO-313 and implement other measures to extend its cash runway
- Clinical focus shifts to OTO-413 following positive Phase 2a results in April 2022; top-line results for evaluation of higher dosing still expected in fourth quarter of 2022
What are other large shareholders doing?
Ra Capital Management, L.p. holds 5,600,000 shares representing 9.83% ownership of the company. No change in the last quarter.
Adage Capital Partners Gp, L.l.c. holds 5,000,000 shares representing 8.77% ownership of the company. No change in the last quarter.
Federated Hermes, Inc. holds 3,923,700 shares representing 6.88% ownership of the company. No change in the last quarter.
Suvretta Capital Management, Llc holds 3,144,196 shares representing 5.52% ownership of the company. No change in the last quarter.
What is the overall institutional sentiment?
There are 90 funds or institutions reporting positions in Otonomy Inc. This is a decrease of 8 owner(s) or 8.16%.
Average portfolio weight of all funds dedicated to Otonomy Inc is 0.0389%, a decrease of 6.4561%. Total shares owned by institutions decreased in the last three months by 2.87% to 36,665,884 shares.
Based on this information, institutional sentiment is bearish.
This article originally appeared on Fintel
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