Obalon Therapeutics (OBLN) Lifted to “Hold” at Zacks Investment Research

Obalon Therapeutics (NASDAQ:OBLN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

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. “

Other analysts have also issued research reports about the company. Northland Securities upgraded Obalon Therapeutics from an “underperform” rating to a “market perform” rating in a report on Thursday, January 25th. Stifel Nicolaus reiterated a “buy” rating on shares of Obalon Therapeutics in a report on Tuesday, March 6th. BTIG Research lowered their target price on Obalon Therapeutics to $7.00 and set a “buy” rating for the company in a report on Tuesday, March 6th. Finally, Canaccord Genuity restated a “buy” rating and set a $10.00 target price (down previously from $11.00) on shares of Obalon Therapeutics in a report on Tuesday, March 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $8.40.

Shares of NASDAQ OBLN opened at $3.51 on Friday. The company has a quick ratio of 5.03, a current ratio of 5.17 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $59.35, a P/E ratio of -1.69 and a beta of -2.16. Obalon Therapeutics has a 52-week low of $3.17 and a 52-week high of $13.18.

Obalon Therapeutics (NASDAQ:OBLN) last announced its quarterly earnings results on Monday, March 5th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.12). The firm had revenue of $3.69 million during the quarter, compared to analysts’ expectations of $3.88 million. Obalon Therapeutics had a negative net margin of 350.67% and a negative return on equity of 74.80%. analysts anticipate that Obalon Therapeutics will post -2 EPS for the current year.

In related news, CFO William J. Plovanic bought 30,000 shares of the stock in a transaction on Wednesday, March 14th. The stock was bought at an average price of $4.04 per share, for a total transaction of $121,200.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.40% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System lifted its holdings in Obalon Therapeutics by 53.5% during the second quarter. California State Teachers Retirement System now owns 15,200 shares of the company’s stock worth $151,000 after buying an additional 5,300 shares during the period. Vanguard Group Inc. lifted its holdings in Obalon Therapeutics by 8.3% during the second quarter. Vanguard Group Inc. now owns 170,266 shares of the company’s stock worth $1,687,000 after buying an additional 13,108 shares during the period. Deutsche Bank AG lifted its holdings in Obalon Therapeutics by 170.4% during the fourth quarter. Deutsche Bank AG now owns 21,120 shares of the company’s stock worth $138,000 after buying an additional 13,309 shares during the period. State Street Corp lifted its holdings in Obalon Therapeutics by 66.1% during the second quarter. State Street Corp now owns 71,242 shares of the company’s stock worth $705,000 after buying an additional 28,356 shares during the period. Finally, Tamarack Advisers LP lifted its holdings in Obalon Therapeutics by 10.3% during the fourth quarter. Tamarack Advisers LP now owns 604,036 shares of the company’s stock worth $3,993,000 after buying an additional 56,500 shares during the period. Institutional investors own 42.65% of the company’s stock.

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Obalon Therapeutics Company Profile

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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