Piper Jaffray analyst Tyler Van Buren maintained an Overweight rating on Otonomy following the company's Q4 earnings report and pipeline updates. In a research note to investors, Van Buren says he believes the Phase III Otividex trial has a "great chance" of success given the positive body of data reported to date, and believes it could be a $500M+ product if approved, which is not being reflected int he current valuation. Additionally, the analyst notes that the company is initiating Phase 1/2 clinical trials for OTO-313 in tinnitus next quarter and OTO-413 in speech-in-noise hearing loss in Q3, all three of which will have significant clinical data readouts during 2020.