Obalon Therptcs (OBLN) Upgraded by Zacks Investment Research to Hold

Obalon Therptcs (NASDAQ:OBLN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, November 16th.

According to Zacks, “Obalon Therapeutics, Inc. is a medical device company. It focused on developing and commercializing medical devices to treat obese and overweight. The company’s product consists of Obalon balloon system, the first swallowable, gas-filled intragastric balloon designed to provide progressive and sustained weight loss in obese patients. Obalon Therapeutics, Inc. is based in San Diego, California. “

A number of other equities analysts have also weighed in on the stock. UBS decreased their price target on shares of Obalon Therptcs from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, November 10th. BTIG Research decreased their price target on shares of Obalon Therptcs from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, November 6th. Finally, Northland Securities reiterated a “sell” rating and issued a $4.00 price target on shares of Obalon Therptcs in a report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Obalon Therptcs presently has a consensus rating of “Hold” and an average target price of $13.00.

Shares of Obalon Therptcs (NASDAQ:OBLN) traded down $0.30 during midday trading on Thursday, reaching $7.91. 24,363 shares of the company were exchanged, compared to its average volume of 50,612. Obalon Therptcs has a 1 year low of $7.60 and a 1 year high of $13.18. The company has a current ratio of 8.78, a quick ratio of 8.65 and a debt-to-equity ratio of 0.21.

Obalon Therptcs (NASDAQ:OBLN) last announced its quarterly earnings results on Friday, November 3rd. The company reported ($0.55) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.43) by ($0.12). The company had revenue of $2.79 million during the quarter, compared to analyst estimates of $2.95 million. Obalon Therptcs had a negative net margin of 459.54% and a negative return on equity of 59.77%. sell-side analysts anticipate that Obalon Therptcs will post -1.96 earnings per share for the current year.

Several hedge funds have recently modified their holdings of OBLN. William Blair Investment Management LLC raised its stake in shares of Obalon Therptcs by 168.9% in the 2nd quarter. William Blair Investment Management LLC now owns 329,643 shares of the company’s stock valued at $3,267,000 after acquiring an additional 207,041 shares during the period. Granite Investment Partners LLC purchased a new position in shares of Obalon Therptcs in the 3rd quarter valued at $1,036,000. Northern Trust Corp raised its stake in shares of Obalon Therptcs by 109.8% in the 2nd quarter. Northern Trust Corp now owns 92,237 shares of the company’s stock valued at $914,000 after acquiring an additional 48,268 shares during the period. C WorldWide Group Holding A S raised its stake in shares of Obalon Therptcs by 22.8% in the 2nd quarter. C WorldWide Group Holding A S now owns 242,893 shares of the company’s stock valued at $2,407,000 after acquiring an additional 45,088 shares during the period. Finally, Emerald Mutual Fund Advisers Trust raised its stake in shares of Obalon Therptcs by 89.4% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 63,171 shares of the company’s stock valued at $602,000 after acquiring an additional 29,818 shares during the period. 44.05% of the stock is currently owned by institutional investors and hedge funds.

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Obalon Therptcs Company Profile

Obalon Therapeutics, Inc is a United States-based commercial-stage medical device company focused on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. The Company’s product, Obalon balloon system, is a swallowable, gas-filled intragastric balloon designed to provide weight loss in obese patients.

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