Piper Jaffray Initiates Coverage on Apollo Endosurgery (APEN)

Piper Jaffray assumed coverage on shares of Apollo Endosurgery (NASDAQ:APEN) in a research note released on Friday, Marketbeat Ratings reports. The firm issued an overweight rating and a $8.00 price objective on the biotechnology company’s stock.

Several other equities research analysts have also recently issued reports on the company. Zacks Investment Research cut Apollo Endosurgery from a hold rating to a sell rating in a research note on Tuesday, March 6th. Northland Securities reiterated a buy rating and issued a $12.00 price target on shares of Apollo Endosurgery in a research note on Thursday, February 8th. Roth Capital set a $10.00 price target on Apollo Endosurgery and gave the company a buy rating in a research note on Thursday, January 4th. Finally, ValuEngine upgraded Apollo Endosurgery from a strong sell rating to a sell rating in a research note on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company. Apollo Endosurgery presently has a consensus rating of Hold and a consensus target price of $9.15.

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Shares of APEN stock opened at $5.90 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.23 and a quick ratio of 1.68. The company has a market capitalization of $101.41, a P/E ratio of -2.94 and a beta of 0.34. Apollo Endosurgery has a 1 year low of $3.55 and a 1 year high of $12.56.

Apollo Endosurgery (NASDAQ:APEN) last issued its quarterly earnings results on Thursday, March 1st. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.08). The company had revenue of $16.14 million during the quarter, compared to the consensus estimate of $16.64 million. Apollo Endosurgery had a negative net margin of 42.35% and a negative return on equity of 64.48%. analysts predict that Apollo Endosurgery will post -1.44 earnings per share for the current year.

In other news, Director Matthew S. Crawford acquired 4,038 shares of the stock in a transaction on Friday, March 9th. The stock was acquired at an average cost of $6.20 per share, for a total transaction of $25,035.60. Following the completion of the transaction, the director now directly owns 53,715 shares in the company, valued at $333,033. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 74.20% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC acquired a new position in Apollo Endosurgery during the fourth quarter valued at approximately $126,000. JPMorgan Chase & Co. acquired a new position in Apollo Endosurgery during the third quarter valued at approximately $119,000. Ardsley Advisory Partners raised its position in Apollo Endosurgery by 53.2% during the fourth quarter. Ardsley Advisory Partners now owns 28,800 shares of the biotechnology company’s stock valued at $161,000 after purchasing an additional 10,000 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Apollo Endosurgery during the third quarter valued at approximately $1,288,000. Finally, Stonepine Capital Management LLC raised its position in Apollo Endosurgery by 8.3% during the fourth quarter. Stonepine Capital Management LLC now owns 2,560,314 shares of the biotechnology company’s stock valued at $14,338,000 after purchasing an additional 195,607 shares in the last quarter. Institutional investors and hedge funds own 31.27% of the company’s stock.

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About Apollo Endosurgery

Apollo Endosurgery, Inc, a medical technology company, focuses on the design, development, and commercialization of medical devices for the treatment of obesity. The company offers endo-bariatric products, such as Orbera intragastric balloon system and Orbera365 Managed Weight Loss System, which are non-surgical alternatives for the treatment of overweight and obese adults; and OverStitch endoscopic suturing system that enables endoscopic procedures by allowing physicians to place full-thickness sutures and secure the approximation of tissue through flexible endoscope.

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