Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a hold rating to a buy rating in a report published on Wednesday. They currently have $2.25 target price 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 equities analysts have also recently commented on the stock. BTIG Research reaffirmed a buy rating on shares of Obalon Therapeutics in a research note on Sunday, August 5th. Roth Capital initiated coverage on shares of Obalon Therapeutics in a research note on Thursday, September 6th. They set a buy rating and a $6.00 price target for the company. Northland Securities reaffirmed a hold rating and set a $2.50 price target on shares of Obalon Therapeutics in a research note on Wednesday, September 12th. Stifel Nicolaus lifted their price target on shares of Obalon Therapeutics from $2.50 to $3.50 and gave the stock a hold rating in a research note on Tuesday, September 11th. Finally, ValuEngine raised shares of Obalon Therapeutics from a hold rating to a buy rating in a research note on Wednesday, July 4th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Obalon Therapeutics has an average rating of Buy and an average target price of $6.25.
Shares of OBLN stock traded up $0.01 during trading hours on Wednesday, reaching $2.37. 7,752 shares of the stock were exchanged, compared to its average volume of 174,653. Obalon Therapeutics has a 12-month low of $1.46 and a 12-month high of $10.01. The company has a current ratio of 2.98, a quick ratio of 2.80 and a debt-to-equity ratio of 0.37. The stock has a market cap of $62.87 million, a PE ratio of -1.14 and a beta of -1.20.
Obalon Therapeutics (NASDAQ:OBLN) last released its quarterly earnings results on Thursday, August 2nd. The company reported ($0.57) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.06). Obalon Therapeutics had a negative return on equity of 72.76% and a negative net margin of 205.20%. The firm had revenue of $2.73 million for the quarter, compared to analysts’ expectations of $3.40 million. Sell-side analysts forecast that Obalon Therapeutics will post -2.18 EPS for the current year.
In related news, major shareholder Parters Vii L. P. Domain acquired 1,648,359 shares of the stock in a transaction on Thursday, August 23rd. The stock was bought at an average cost of $1.82 per share, with a total value of $3,000,013.38. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kim P. Kamdar acquired 54,945 shares of the stock in a transaction on Thursday, August 23rd. The stock was bought at an average cost of $1.82 per share, with a total value of $99,999.90. The disclosure for this purchase can be found here. 17.90% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in OBLN. C WorldWide Group Holding A S boosted its position in Obalon Therapeutics by 27.3% in the 2nd quarter. C WorldWide Group Holding A S now owns 315,790 shares of the company’s stock valued at $679,000 after buying an additional 67,746 shares during the period. Renaissance Technologies LLC boosted its position in Obalon Therapeutics by 288.4% in the 2nd quarter. Renaissance Technologies LLC now owns 56,700 shares of the company’s stock valued at $122,000 after buying an additional 42,100 shares during the period. Finally, Interwest Venture Management Co. boosted its position in Obalon Therapeutics by 44.8% in the 3rd quarter. Interwest Venture Management Co. now owns 3,552,239 shares of the company’s stock valued at $9,591,000 after buying an additional 1,098,901 shares during the period. 23.85% of the stock is owned by institutional investors.
About Obalon Therapeutics
Obalon Therapeutics, Inc, a vertically integrated medical device company, focuses on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. It offers the Obalon balloon system designed to provide weight loss in obese patients. Obalon Therapeutics, Inc was founded in 2008 and is headquartered in Carlsbad, California.
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