Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a hold rating to a buy rating in a report issued on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $2.00 target price on the stock.
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 research analysts also recently issued reports about the company. ValuEngine upgraded Obalon Therapeutics from a hold rating to a buy rating in a report on Wednesday, September 4th. Northland Securities reiterated a hold rating on shares of Obalon Therapeutics in a report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Obalon Therapeutics presently has a consensus rating of Buy and an average price target of $16.90.
Shares of NASDAQ OBLN traded down $0.04 during midday trading on Tuesday, reaching $1.69. 244,800 shares of the company were exchanged, compared to its average volume of 679,942. The company has a current ratio of 5.72, a quick ratio of 1.48 and a debt-to-equity ratio of 0.03. Obalon Therapeutics has a 1 year low of $1.52 and a 1 year high of $34.00. The stock has a market cap of $9.31 million, a P/E ratio of -0.09 and a beta of -4.87. The stock has a fifty day simple moving average of $1.78 and a 200 day simple moving average of $1.63.
Obalon Therapeutics (NASDAQ:OBLN) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($3.50) by $2.89. Obalon Therapeutics had a negative return on equity of 228.96% and a negative net margin of 607.48%. The firm had revenue of $0.33 million during the quarter, compared to the consensus estimate of $2.20 million. As a group, analysts forecast that Obalon Therapeutics will post -2.72 earnings per share for the current year.
In other Obalon Therapeutics news, CEO William J. Plovanic purchased 65,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was bought at an average cost of $1.66 per share, for a total transaction of $107,900.00. Following the acquisition, the chief executive officer now owns 106,806 shares of the company’s stock, valued at approximately $177,297.96. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 14.30% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Cerity Partners LLC acquired a new position in Obalon Therapeutics in the 3rd quarter valued at $301,000. Vanguard Group Inc. increased its holdings 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 buying an additional 269,582 shares during the last quarter. Moisand Fitzgerald Tamayo LLC acquired a new stake in shares of Obalon Therapeutics during the 3rd quarter worth $316,000. Perkins Capital Management Inc. acquired a new stake in shares of Obalon Therapeutics during the 3rd quarter worth $58,000. Finally, Jane Street Group LLC acquired a new stake in shares of Obalon Therapeutics during the 2nd quarter worth $33,000. Institutional investors own 38.24% of the company’s stock.
About Obalon Therapeutics
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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