“We are tweaking our PT to $2.50, but maintain our Neutral stance.”,” the firm’s analyst wrote.
Other equities research analysts have also recently issued research reports about the company. ValuEngine raised Obalon Therapeutics from a hold rating to a buy rating in a report on Wednesday, July 4th. BTIG Research reaffirmed a buy rating on shares of Obalon Therapeutics in a report on Sunday, August 5th. Roth Capital initiated coverage on Obalon Therapeutics in a report on Thursday, September 6th. They set a buy rating and a $6.00 price target on the stock. Stifel Nicolaus lifted their price target on Obalon Therapeutics from $2.50 to $3.50 and gave the company a hold rating in a report on Tuesday, September 11th. Finally, Zacks Investment Research cut Obalon Therapeutics from a hold rating to a sell rating in a report on Wednesday, July 11th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $6.39.
Obalon Therapeutics (NASDAQ:OBLN) last released its quarterly earnings results on Thursday, August 2nd. The company reported ($0.57) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.51) by ($0.06). The business had revenue of $2.73 million for the quarter, compared to the consensus estimate of $3.40 million. Obalon Therapeutics had a negative net margin of 205.20% and a negative return on equity of 72.76%. research analysts expect that Obalon Therapeutics will post -2.18 earnings per share for the current fiscal year.
In related news, Director Kim P. Kamdar acquired 54,945 shares of the stock in a transaction that occurred on Thursday, August 23rd. The shares were acquired at an average price of $1.82 per share, for a total transaction of $99,999.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Parters Vii L. P. Domain acquired 1,648,359 shares of the stock in a transaction that occurred on Thursday, August 23rd. The shares were bought at an average price of $1.82 per share, for a total transaction of $3,000,013.38. The disclosure for this purchase can be found here. Insiders own 17.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. C WorldWide Group Holding A S increased its stake in shares of Obalon Therapeutics by 27.3% during the second quarter. C WorldWide Group Holding A S now owns 315,790 shares of the company’s stock valued at $679,000 after acquiring an additional 67,746 shares during the period. Deutsche Bank AG increased its stake in shares of Obalon Therapeutics by 170.4% during the fourth quarter. Deutsche Bank AG now owns 21,120 shares of the company’s stock valued at $138,000 after acquiring an additional 13,309 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Obalon Therapeutics by 288.4% during the second quarter. Renaissance Technologies LLC now owns 56,700 shares of the company’s stock valued at $122,000 after acquiring an additional 42,100 shares during the period. Institutional investors and hedge funds own 31.19% of the company’s stock.
Obalon Therapeutics Company Profile
Obalon Therapeutics, Inc, a vertically integrated medical device company, focuses on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. It 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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