Obalon Therapeutics (OBLN) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a hold rating to a buy rating in a report published on Wednesday, February 14th. They currently have $5.00 price objective on the stock.

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 brokerages also recently commented on OBLN. BTIG Research lowered their target price on Obalon Therapeutics from $20.00 to $15.00 and set a buy rating on the stock in a research note on Monday, November 6th. UBS Group lowered their target price on Obalon Therapeutics from $20.00 to $16.00 and set a buy rating on the stock in a research note on Friday, November 10th. Canaccord Genuity reaffirmed a buy rating and issued a $11.00 price target (down previously from $15.00) on shares of Obalon Therapeutics in a report on Monday, January 22nd. They noted that the move was a valuation call. Finally, Northland Securities reaffirmed a sell rating and issued a $4.00 price target on shares of Obalon Therapeutics in a report on Tuesday, January 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Obalon Therapeutics has a consensus rating of Buy and a consensus target price of $10.20.

Obalon Therapeutics (NASDAQ OBLN) traded up $0.03 during trading on Wednesday, reaching $4.17. The company’s stock had a trading volume of 49,153 shares, compared to its average volume of 461,877. Obalon Therapeutics has a twelve month low of $3.40 and a twelve 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. The stock has a market cap of $95.88 and a P/E ratio of -2.16.

Several institutional investors have recently made changes to their positions in OBLN. Schwab Charles Investment Management Inc. acquired a new position in shares of Obalon Therapeutics during the second quarter valued at approximately $175,000. Bank of New York Mellon Corp raised its holdings in shares of Obalon Therapeutics by 33.9% during the second quarter. Bank of New York Mellon Corp now owns 21,135 shares of the company’s stock valued at $210,000 after acquiring an additional 5,353 shares during the last quarter. Teachers Advisors LLC raised its holdings in shares of Obalon Therapeutics by 235.7% during the second quarter. Teachers Advisors LLC now owns 17,621 shares of the company’s stock valued at $175,000 after acquiring an additional 12,372 shares during the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of Obalon Therapeutics by 511.8% during the second quarter. TIAA CREF Investment Management LLC now owns 23,577 shares of the company’s stock valued at $234,000 after acquiring an additional 19,723 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Obalon Therapeutics by 109.8% during the second 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 last quarter. 44.22% of the stock is owned by institutional investors and hedge funds.

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About Obalon Therapeutics

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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