Obalon Therapeutics (NASDAQ:OBLN) Sees Unusually-High Trading Volume

Shares of Obalon Therapeutics Inc (NASDAQ:OBLN) saw unusually-strong trading volume on Wednesday . Approximately 2,421,441 shares traded hands during trading, an increase of 608% from the previous session’s volume of 342,172 shares.The stock last traded at $2.14 and had previously closed at $1.73.

Several equities research analysts have recently issued reports on OBLN shares. ValuEngine raised Obalon Therapeutics from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Zacks Investment Research cut Obalon Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Finally, Northland Securities restated a “hold” rating on shares of Obalon Therapeutics in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $20.83.

The stock’s 50-day moving average is $2.96 and its 200-day moving average is $1.44. The firm has a market cap of $9.59 million, a P/E ratio of -0.11 and a beta of -4.86. The company has a quick ratio of 1.48, a current ratio of 1.69 and a debt-to-equity ratio of 0.09.

Obalon Therapeutics (NASDAQ:OBLN) last released its earnings results on Wednesday, July 24th. The company reported ($0.25) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.02. The firm 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, analysts expect that Obalon Therapeutics Inc will post -11.35 EPS for the current fiscal year.

In other news, Director Kim P. Kamdar acquired 12,500 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were bought at an average price of $4.00 per share, with a total value of $50,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Interwest Partners X. Lp acquired 25,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average price of $4.00 per share, for a total transaction of $100,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 45,000 shares of company stock worth $180,000. Insiders own 14.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of OBLN. Jane Street Group LLC bought a new position in Obalon Therapeutics in the second quarter worth $33,000. Vanguard Group Inc. increased its holdings in Obalon Therapeutics by 132.0% in the 2nd quarter. Vanguard Group Inc. now owns 473,870 shares of the company’s stock valued at $331,000 after buying an additional 269,582 shares during the period. Hoylecohen LLC increased its holdings in Obalon Therapeutics by 95.4% in the 2nd quarter. Hoylecohen LLC now owns 204,850 shares of the company’s stock valued at $143,000 after buying an additional 100,000 shares during the period. Finally, Geode Capital Management LLC acquired a new position in shares of Obalon Therapeutics in the 4th quarter valued at $137,000. Institutional investors and hedge funds own 91.76% of the company’s stock.

Obalon Therapeutics Company Profile (NASDAQ:OBLN)

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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