Shares of Obalon Therapeutics Inc (NASDAQ:OBLN) traded down 18.8% during trading on Wednesday . The company traded as low as $0.89 and last traded at $0.78. 69,329 shares traded hands during trading, a decline of 97% from the average session volume of 2,593,363 shares. The stock had previously closed at $0.96.
A number of analysts recently commented on the company. Roth Capital reaffirmed a “neutral” rating and set a $2.75 price objective (down previously from $6.00) on shares of Obalon Therapeutics in a research note on Tuesday, February 26th. Stifel Nicolaus upgraded Obalon Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $2.50 to $3.00 in a research report on Monday, February 25th. Zacks Investment Research upgraded Obalon Therapeutics from a “hold” rating to a “buy” rating and set a $1.75 target price on the stock in a research report on Friday, March 22nd. ValuEngine downgraded Obalon Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Finally, Canaccord Genuity downgraded Obalon Therapeutics from a “buy” rating to a “hold” rating and cut their price objective for the stock from $3.00 to $1.50 in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Obalon Therapeutics has an average rating of “Hold” and an average target price of $2.04.
The firm has a market capitalization of $23.01 million, a P/E ratio of -0.39 and a beta of -5.19. The company has a quick ratio of 1.12, a current ratio of 1.20 and a debt-to-equity ratio of 0.13.
Several institutional investors have recently added to or reduced their stakes in OBLN. Bank of New York Mellon Corp purchased a new position in shares of Obalon Therapeutics in the 4th quarter worth about $29,000. BlackRock Inc. raised its holdings in shares of Obalon Therapeutics by 31.8% in the 4th quarter. BlackRock Inc. now owns 33,727 shares of the company’s stock worth $70,000 after purchasing an additional 8,142 shares during the period. Geode Capital Management LLC purchased a new position in shares of Obalon Therapeutics in the 4th quarter worth about $137,000. Renaissance Technologies LLC raised its holdings in shares of Obalon Therapeutics by 43.2% during the 3rd quarter. Renaissance Technologies LLC now owns 81,200 shares of the company’s stock valued at $219,000 after buying an additional 24,500 shares during the period. Finally, Vanguard Group Inc raised its holdings in shares of Obalon Therapeutics by 1.6% during the 3rd quarter. Vanguard Group Inc now owns 444,050 shares of the company’s stock valued at $1,199,000 after buying an additional 6,900 shares during the period. Institutional investors own 28.46% of the company’s stock.
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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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