Obalon Therapeutics Inc (NASDAQ:OBLN) Sees Large Decrease in Short Interest

Obalon Therapeutics Inc (NASDAQ:OBLN) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 39,600 shares, a drop of 88.6% from the July 31st total of 347,800 shares. Approximately 1.3% of the company’s stock are sold short. Based on an average daily trading volume, of 635,900 shares, the short-interest ratio is presently 0.1 days.

In other Obalon Therapeutics news, Director Kim P. Kamdar purchased 12,500 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was bought at an average price of $4.00 per share, with a total value of $50,000.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Interwest Partners X. Lp purchased 25,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average cost of $4.00 per share, with a total value of $100,000.00. The disclosure for this purchase can be found here. Insiders acquired a total of 45,000 shares of company stock valued at $180,000 in the last three months. 14.30% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in OBLN. Vanguard Group Inc. lifted its position in shares of Obalon Therapeutics by 132.0% during the 2nd quarter. Vanguard Group Inc. now owns 473,870 shares of the company’s stock worth $331,000 after purchasing an additional 269,582 shares during the last quarter. Hoylecohen LLC lifted its position in shares of Obalon Therapeutics by 95.4% during the 2nd quarter. Hoylecohen LLC now owns 204,850 shares of the company’s stock worth $143,000 after purchasing an additional 100,000 shares during the last quarter. Geode Capital Management LLC purchased a new stake in shares of Obalon Therapeutics during the 4th quarter worth $137,000. Finally, Jane Street Group LLC purchased a new stake in shares of Obalon Therapeutics during the 2nd quarter worth $33,000. 91.76% of the stock is owned by institutional investors and hedge funds.

OBLN has been the subject of several recent research reports. Zacks Investment Research raised shares of Obalon Therapeutics from a “hold” rating to a “strong-buy” rating and set a $2.00 price target for the company in a research report on Thursday. ValuEngine raised shares of Obalon Therapeutics from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Finally, Northland Securities reaffirmed a “hold” rating on shares of Obalon Therapeutics in a research report on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $16.90.

Shares of Obalon Therapeutics stock traded down $0.05 during trading on Friday, hitting $2.16. 761,700 shares of the stock were exchanged, compared to its average volume of 349,007. The stock has a market cap of $9.64 million, a price-to-earnings ratio of -0.11 and a beta of -4.86. The firm’s 50-day moving average price is $3.00 and its 200 day moving average price is $1.44. Obalon Therapeutics has a 12-month low of $1.64 and a 12-month high of $34.00. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.69 and a quick ratio of 1.48.

Obalon Therapeutics (NASDAQ:OBLN) last released its quarterly earnings data on Wednesday, July 24th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.02. The business had revenue of $0.39 million during the quarter, compared to analysts’ expectations 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 forecast that Obalon Therapeutics will post -13.1 earnings per share for the current year.

Obalon Therapeutics Company Profile

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.

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