Monday, August 17, 2020 6:27:12 PM
Billionaire Steven Cohen Pulls the Trigger on These 3 Penny Stocks
Maya Sasson
August 17, 2020, 12:30 PM
https://www.tipranks.com/news/article/billionaire-steven-cohen-pulls-the-trigger-on-these-3-penny-stocks/
First up we have Otonomy, which is focused on providing new treatment options for patients living with the debilitating impacts of disorders of the ear. Its strong pipeline and $3.51 share price have scored it substantial praise from the pros on Wall Street.
This is the stance taken by Cohen. Increasing its stake in the company by a whopping 388%, Point72 snapped up 774,259 shares in Q2. With the total size of the holding now landing at 974,259 shares, the position is valued at $3,527,000.
5-star analyst Charles Duncan, of Cantor, also counts himself as a fan. The analyst believes there are numerous clinical catalysts on the horizon that should be significant value drivers for the stock if successful.
“In addition to the positive topline data for OTO-313 in tinnitus that was PR’d in early 3Q20, we anticipate additional data reads over the next ~9 months. These potential value creation milestones include topline data from the pivotal P3 OTIVIDEX study, which we believe may lead to an NDA filing in 2021E, as well as data from the signal-seeking P1/2 study of OTO-413 in hearing loss(4Q20E). We believe these readouts could re-affirm Otonomy’s leadership position in the emerging field of high unmet need neuro-otology, as well as reinvigorate investor interest,” Duncan opined.
That said, Duncan remains focused on the Phase 3 study of OTIVIDEX in Ménière’s disease, the enrollment for which should wrap up in Q3 2020. The analyst is “encouraged that despite the challenges to trial conduct during this time, the company has noted that patient compliance remains high for reporting vertigo symptoms and that the integrity of efficacy data being collected via a daily telephone diary is intact.”
To this end, the top analyst rates OTIC an Overweight (i.e. Buy) along with an $11 price target. This target implies shares could climb 212% higher in the next twelve months. (To watch Duncan’s track record, click here)
It’s not often that the analysts all agree on a stock, so when it does happen, take note. OTIC’s Strong Buy consensus rating is based on a unanimous 5 Buys. The stock’s $9.40 average price target suggests a 167% upside from current levels. (See Otonomy stock analysis on TipRanks)
Maya Sasson
August 17, 2020, 12:30 PM
https://www.tipranks.com/news/article/billionaire-steven-cohen-pulls-the-trigger-on-these-3-penny-stocks/
First up we have Otonomy, which is focused on providing new treatment options for patients living with the debilitating impacts of disorders of the ear. Its strong pipeline and $3.51 share price have scored it substantial praise from the pros on Wall Street.
This is the stance taken by Cohen. Increasing its stake in the company by a whopping 388%, Point72 snapped up 774,259 shares in Q2. With the total size of the holding now landing at 974,259 shares, the position is valued at $3,527,000.
5-star analyst Charles Duncan, of Cantor, also counts himself as a fan. The analyst believes there are numerous clinical catalysts on the horizon that should be significant value drivers for the stock if successful.
“In addition to the positive topline data for OTO-313 in tinnitus that was PR’d in early 3Q20, we anticipate additional data reads over the next ~9 months. These potential value creation milestones include topline data from the pivotal P3 OTIVIDEX study, which we believe may lead to an NDA filing in 2021E, as well as data from the signal-seeking P1/2 study of OTO-413 in hearing loss(4Q20E). We believe these readouts could re-affirm Otonomy’s leadership position in the emerging field of high unmet need neuro-otology, as well as reinvigorate investor interest,” Duncan opined.
That said, Duncan remains focused on the Phase 3 study of OTIVIDEX in Ménière’s disease, the enrollment for which should wrap up in Q3 2020. The analyst is “encouraged that despite the challenges to trial conduct during this time, the company has noted that patient compliance remains high for reporting vertigo symptoms and that the integrity of efficacy data being collected via a daily telephone diary is intact.”
To this end, the top analyst rates OTIC an Overweight (i.e. Buy) along with an $11 price target. This target implies shares could climb 212% higher in the next twelve months. (To watch Duncan’s track record, click here)
It’s not often that the analysts all agree on a stock, so when it does happen, take note. OTIC’s Strong Buy consensus rating is based on a unanimous 5 Buys. The stock’s $9.40 average price target suggests a 167% upside from current levels. (See Otonomy stock analysis on TipRanks)
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