Why Is Otonomy (OTIC) Stock Up 97% Today?
Otonomy (NASDAQ:OTIC) stock is on the move Tuesday despite a lack of news from the biopharmaceutical company.
Instead, it looks like traders have latched onto OTIC stock as the next big short squeeze. That comes as Mr. Zack Morris, a stock influencer with more than 550,000 followers on Twitter, said to jump in on the stock while it was still small.
It looks like investors are doing just that with heavy trading sending OTIC stock higher today. As of this writing, more than 178 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 3 million shares.
What is OTIC Stock All About?
Otonomy is a biopharmaceutical company focused on developing therapeutics for neurotology. That includes drug delivery technology to the ear that allows for sustained drug exposure from a single local administration.
According to Otonomy, it has a large collection of patents covering this technology. This has it working on several products that have it seeking to treat patients suffering from hearing loss and tinnitus.
Otonomy operates out of California and was founded back in 2008. The company went public back in 2014 and has a current market capitalization of $12.425 million.
Considering the low price of OTIC stock, investors will want to be careful about investing in it. It’s not uncommon for penny stocks to see massive drops after undergoing a short squeeze.
OTIC stock is up 96.6% as of Tuesday afternoon but is still down 90.3% since the start of the year.
Investors keeping an eye out for all of the latest stock market news are in the right place!
InvestorPlace has their backs with all of the most recent stock market coverage for Tuesday! Among that is what has shares of Bed Bath & Beyond (NASDAQ:BBBY) stock, Apollo Endosurgery (NASDAQ:APEN) and ContextLogic (NASDAQ:WISH) stock on the move today. You can find out more at the following links!
More Tuesday Stock Market News
- Bed Bath & Beyond (BBBY) Stock Rebounds After Black Friday Woes
- Apollo Endosurgery (APEN) Stock Soars 65% on Boston Scientific Deal
- 5 Investors Betting Big on ContextLogic (WISH) Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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