H.C. Wainwright analyst Oren Livnat started Otonomy with a Buy rating and $8 price target. The analyst believes the failed pivotal trial was an outlier in the overall body of Otividex clinical evidence and that the treatment works to significantly reduce Meniere's vertigo. Livnat looks forward to positive confirmatory Phase 3 data and peak sales of over $300M. Otonomy's current "depressed" sentiment and valuation is "far too pessimistic" given Otividex's remaining potential for a clinical turnaround in the first half of 2020, Livnat tells investors in a research note.