Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning, Zacks.com reports. The brokerage currently has $2.00 price objective 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. “
OBLN stock opened at $1.85 on Tuesday. The company’s 50-day simple moving average is $1.85 and its 200-day simple moving average is $2.08. The company has a quick ratio of 5.20, a current ratio of 5.72 and a debt-to-equity ratio of 0.03. Obalon Therapeutics has a 52-week low of $1.52 and a 52-week high of $23.30. The firm has a market cap of $14.30 million, a P/E ratio of -0.17 and a beta of -4.63.
Hedge funds have recently bought and sold shares of the company. Cerity Partners LLC purchased a new stake in shares of Obalon Therapeutics during the 3rd quarter worth about $301,000. Vanguard Group Inc. boosted its stake 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 acquiring an additional 269,582 shares in the last quarter. Moisand Fitzgerald Tamayo LLC purchased a new stake in shares of Obalon Therapeutics during the 3rd quarter worth about $316,000. Sabby Management LLC purchased a new stake in shares of Obalon Therapeutics during the 3rd quarter worth about $1,330,000. Finally, Perkins Capital Management Inc. purchased a new stake in shares of Obalon Therapeutics during the 3rd quarter worth about $58,000. 20.00% of the stock is currently owned by institutional investors and hedge funds.
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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