 Shares in Otonomy, Inc. OTIC spiked 15 in pre-market trading after the biotech company disclosed statistical data on its vertigo drug Otividex and positive trial results from its Tinnitus candidateTh stock surged to 3.66 in Tuesdays pre-market trading. The biotech company said that statistical analysis demonstrated positive development of its ongoing Phase 3 clinical trial, which tests Otividex in patients with Menieres disease, an inner ear disorder that can cause vertigo and hearing loss. We have recently completed an extensive review of the statistical analysis model that we believe best fits the Otividex clinical data, which is characterized by approximately 40 of Otividex-treated patients having no Definitive Vertigo Days DVDs in month 3, said Otonomy CEO David A. Weber. The Negative Binomial model also gives us additional power to detect a treatment benefit enabling us to comfortably reduce the target patient enrollment in the ongoing trial from 160 to 142 patients while maintaining more than 90 power.Otonomy expects to complete the enrollment of this trial during the third quarter and present the results in the first quarter of 2021.The biotech company, which is primarily focused on developing treatments for disorders of the ear that disrupt hearing, balance and connection, in a separate statement reported positive top-line results from Phase 12 clinical trial of OTO-313 in patients with Tinnitus, which is a perception of noise or ringing in the ears.Otonomy said that the trial achieved its objectives by demonstrating a positive clinical signal with a favorable safety profile in patients. Given these results, the company intends to advance OTO-313 into full Phase 2 development which may include evaluation of a higher dose andor retreatment with OTO-313.While COVID-19 has weighed on the company, pushing shares down 17 this year, analysts are unanimously bullish on the stock resulting in a Strong Buy consensus. The strong bullish sentiment is also reflected in the upbeat 8.8 average price target, which implies a stellar 177 upside potential in the shares in the coming year. See OTIC stock analysis on TipRanksCalling the trial data news compelling, Oppenheimer analyst Francois Brisebois reiterated a Buy rating on the stock with a 8 price target, based on a valuation of 6.5share for US Otividex sales and 1.5share for cash and technology at end of 2020.Related News: Cellectis Sinks 13 In Extended Trading After FDA Halts Cancer Clinical Trial Chembio Gains 12 After-Hours On New Covid-19 BARDA Contract Immunomedics Pops 10 On Positive Results From Breast Cancer Therapy Study More recent articles from Smarter Analyst: Bellus Health Craters 72 On Chronic Cough Miss; Analyst Still Says Buy Facebook Quietly Testing Instagram Reels In India- Report Google Snaps Up Canadian Smart Glasses Startup North AMC Delays Theatre Openings; Top Analyst Cuts Price Target 