Obalon Therapeutics (NASDAQ:OBLN) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a buy rating to a hold rating in a research report report published on Saturday, Zacks.com reports.

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. “

NASDAQ OBLN traded down $0.03 during trading on Friday, hitting $1.90. The stock had a trading volume of 146,814 shares, compared to its average volume of 221,839. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.20 and a current ratio of 5.72. The firm has a 50 day moving average price of $1.84 and a 200 day moving average price of $1.98. Obalon Therapeutics has a twelve month low of $1.52 and a twelve month high of $23.30.

Obalon Therapeutics (NASDAQ:OBLN) last released its earnings results on Friday, November 8th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($3.50) by $2.89. The company had revenue of $0.33 million during the quarter, compared to the consensus estimate of $2.20 million. Obalon Therapeutics had a negative return on equity of 228.96% and a negative net margin of 607.48%. As a group, analysts anticipate that Obalon Therapeutics will post -2.72 EPS for the current year.

In other news, CEO William J. Plovanic bought 65,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was bought at an average cost of $1.66 per share, with a total value of $107,900.00. Following the transaction, the chief executive officer now directly owns 106,806 shares in the company, valued at approximately $177,297.96. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 14.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new position in shares of Obalon Therapeutics during the second quarter worth about $33,000. Perkins Capital Management Inc. acquired a new position in shares of Obalon Therapeutics during the third quarter worth about $58,000. Cerity Partners LLC acquired a new position in shares of Obalon Therapeutics during the third quarter worth about $301,000. Moisand Fitzgerald Tamayo LLC acquired a new position in shares of Obalon Therapeutics during the third quarter worth about $316,000. Finally, Vanguard Group Inc. grew its position in shares of Obalon Therapeutics by 132.0% during the second quarter. Vanguard Group Inc. now owns 473,870 shares of the company’s stock worth $331,000 after buying an additional 269,582 shares in the last quarter. 20.09% of the stock is owned by institutional investors.

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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