Zacks Investment Research Downgrades Obalon Therapeutics (OBLN) to Hold

Obalon Therapeutics (NASDAQ:OBLN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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. “

Several other equities analysts have also issued reports on OBLN. Northland Securities upgraded Obalon Therapeutics from an “underperform” rating to a “market perform” rating in a research report on Thursday, January 25th. Canaccord Genuity reiterated a “buy” rating and issued a $11.00 price objective (down from $15.00) on shares of Obalon Therapeutics in a research report on Monday, January 22nd. They noted that the move was a valuation call. BTIG Research reiterated a “buy” rating and issued a $15.00 price objective on shares of Obalon Therapeutics in a research report on Thursday, November 16th. Finally, UBS Group decreased their price objective on Obalon Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Obalon Therapeutics has a consensus rating of “Hold” and an average price target of $10.90.

Obalon Therapeutics (NASDAQ OBLN) opened at $4.36 on Tuesday. The stock has a market capitalization of $99.52 and a PE ratio of -2.26. Obalon Therapeutics has a 12-month low of $3.40 and a 12-month 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.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Granite Investment Partners LLC acquired a new position in shares of Obalon Therapeutics in the 3rd quarter valued at approximately $1,036,000. C WorldWide Group Holding A S lifted its stake in Obalon Therapeutics by 13.7% in the 3rd quarter. C WorldWide Group Holding A S now owns 276,211 shares of the company’s stock valued at $2,632,000 after acquiring an additional 33,318 shares in the last quarter. Emerald Mutual Fund Advisers Trust lifted its stake in Obalon Therapeutics 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 in the last quarter. California State Teachers Retirement System lifted its stake in Obalon Therapeutics by 53.5% in the 2nd quarter. California State Teachers Retirement System now owns 15,200 shares of the company’s stock valued at $151,000 after acquiring an additional 5,300 shares in the last quarter. Finally, State Street Corp lifted its stake in Obalon Therapeutics by 66.1% in the 2nd quarter. State Street Corp now owns 71,242 shares of the company’s stock valued at $705,000 after acquiring an additional 28,356 shares in the last quarter. Institutional investors and hedge funds own 44.22% of the company’s stock.

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Obalon Therapeutics 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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