When we entered our position in Otonomy Inc. (NasdaqGS:OTIC) on Monday, I indicated we would be doing so in three stages, each time investing a third of our capital.
Our entry price was $23.38. In the past couple of days, shares have fallen about 9%, creating a great buying opportunity for us, which will average down our cost.
So today, the time has come to purchase the second of three portions in this position.
Talk with you soon. I have another great stock I'd like to recommend.