Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a sell rating to a hold rating in a research report sent to investors on Wednesday.
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. “
Several other brokerages also recently weighed in on OBLN. BTIG Research dropped their target price on Obalon Therapeutics from $20.00 to $15.00 and set a buy rating on the stock in a research note on Monday, November 6th. UBS Group dropped their target price on Obalon Therapeutics from $20.00 to $16.00 and set a buy rating on the stock in a research note on Friday, November 10th. Finally, Northland Securities restated a sell rating and set a $4.00 target price on shares of Obalon Therapeutics in a research note on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $13.00.
Shares of Obalon Therapeutics (NASDAQ:OBLN) traded up $0.32 during mid-day trading on Wednesday, reaching $6.92. The company had a trading volume of 66,105 shares, compared to its average volume of 44,681. Obalon Therapeutics has a 1 year low of $6.53 and a 1 year high of $13.18. The company has a current ratio of 8.78, a quick ratio of 8.65 and a debt-to-equity ratio of 0.21. The stock has a market cap of $120.70 and a P/E ratio of -3.59.
Obalon Therapeutics (NASDAQ:OBLN) last announced its earnings results on Friday, November 3rd. The company reported ($0.55) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.43) by ($0.12). Obalon Therapeutics had a negative return on equity of 59.77% and a negative net margin of 459.54%. The business had revenue of $2.79 million for the quarter, compared to analysts’ expectations of $2.95 million. sell-side analysts predict that Obalon Therapeutics will post -1.96 EPS for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System lifted its position in Obalon Therapeutics by 53.5% during the 2nd quarter. California State Teachers Retirement System now owns 15,200 shares of the company’s stock worth $151,000 after acquiring an additional 5,300 shares during the period. Bank of New York Mellon Corp lifted its position in Obalon Therapeutics by 33.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 21,135 shares of the company’s stock worth $210,000 after acquiring an additional 5,353 shares during the period. Royal Bank of Canada lifted its position in Obalon Therapeutics by 6.7% during the 2nd quarter. Royal Bank of Canada now owns 91,499 shares of the company’s stock worth $907,000 after acquiring an additional 5,732 shares during the period. Teachers Advisors LLC lifted its position in Obalon Therapeutics by 235.7% during the 2nd quarter. Teachers Advisors LLC now owns 17,621 shares of the company’s stock worth $175,000 after acquiring an additional 12,372 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Obalon Therapeutics by 8.3% in the 2nd quarter. Vanguard Group Inc. now owns 170,266 shares of the company’s stock valued at $1,687,000 after buying an additional 13,108 shares during the period. 44.05% of the stock is owned by institutional investors.
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Obalon Therapeutics Company Profile
Obalon Therapeutics, Inc is a United States-based commercial-stage medical device company focused on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. The Company’s product, Obalon balloon system, is a swallowable, gas-filled intragastric balloon designed to provide weight loss in obese patients.
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