Obalon Therapeutics (NASDAQ:OBLN) Downgraded by ValuEngine

ValuEngine downgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a buy rating to a hold rating in a research report released on Thursday, ValuEngine reports.

Several other equities analysts also recently weighed in on the stock. Canaccord Genuity downgraded shares of Obalon Therapeutics from a buy rating to a hold rating and lowered their price target for the company from $30.00 to $15.00 in a report on Monday, April 8th. Northland Securities reaffirmed a hold rating on shares of Obalon Therapeutics in a report on Wednesday, July 24th. Finally, Zacks Investment Research raised shares of Obalon Therapeutics from a sell rating to a hold rating and set a $7.50 price target on the stock in a report on Thursday, July 11th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $20.83.

Shares of OBLN traded down $1.61 on Thursday, reaching $3.24. The company’s stock had a trading volume of 1,931,224 shares, compared to its average volume of 564,638. The company has a quick ratio of 1.48, a current ratio of 1.69 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $16.12 million, a PE ratio of -0.17 and a beta of -5.33. The company’s 50 day moving average price is $1.58. Obalon Therapeutics has a 12-month low of $3.20 and a 12-month high of $37.00.

Obalon Therapeutics (NASDAQ:OBLN) last posted its quarterly earnings data on Wednesday, July 24th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02. The company had revenue of $0.39 million for the quarter, compared to the consensus estimate of $1.82 million. Obalon Therapeutics had a negative net margin of 425.36% and a negative return on equity of 253.79%. As a group, research analysts expect that Obalon Therapeutics will post -11.35 earnings per share for the current year.

Large investors have recently modified their holdings of the business. Geode Capital Management LLC bought a new stake in shares of Obalon Therapeutics during the fourth quarter valued at approximately $137,000. BlackRock Inc. raised its position in shares of Obalon Therapeutics by 31.8% during the fourth quarter. BlackRock Inc. now owns 33,727 shares of the company’s stock valued at $70,000 after buying an additional 8,142 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Obalon Therapeutics during the fourth quarter valued at approximately $29,000. 22.03% of the stock is currently owned by institutional investors and hedge funds.

About Obalon Therapeutics

Obalon Therapeutics, Inc, a vertically integrated medical device company, focuses on developing and commercializing medical devices to treat people who are obese and overweight. The company 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.

Further Reading: Cost of equity and a company’s balance sheet

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Analyst Recommendations for Obalon Therapeutics (NASDAQ:OBLN)

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