Apollo Endosurgery (APEN) Hits New 52-Week Low After Earnings Miss

Apollo Endosurgery Inc (NASDAQ:APEN)’s share price hit a new 52-week low during trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $3.66 and last traded at $3.99, with a volume of 13200 shares traded. The stock had previously closed at $5.75.

The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.11). Apollo Endosurgery had a negative net margin of 46.55% and a negative return on equity of 58.61%. The business had revenue of $14.14 million for the quarter, compared to analysts’ expectations of $16.21 million.

Several research firms recently weighed in on APEN. ValuEngine upgraded Apollo Endosurgery from a “hold” rating to a “buy” rating in a research report on Thursday, July 12th. Northland Securities downgraded Apollo Endosurgery from a “market perform” rating to an “under perform” rating and dropped their target price for the stock from $7.00 to $3.00 in a report on Friday. Finally, Roth Capital reissued a “neutral” rating and issued a $9.50 target price on shares of Apollo Endosurgery in a report on Tuesday, July 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $6.83.

In related news, major shareholder Stonepine Capital, L.P. bought 300,000 shares of the company’s stock in a transaction on Friday, November 2nd. The shares were acquired at an average cost of $5.00 per share, with a total value of $1,500,000.00. Following the completion of the acquisition, the insider now owns 2,877,996 shares of the company’s stock, valued at approximately $14,389,980. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 52.80% of the company’s stock.

Large investors have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Apollo Endosurgery by 42.4% during the second quarter. BlackRock Inc. now owns 22,768 shares of the biotechnology company’s stock valued at $159,000 after purchasing an additional 6,775 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Apollo Endosurgery by 30.9% during the second quarter. Renaissance Technologies LLC now owns 45,300 shares of the biotechnology company’s stock valued at $316,000 after purchasing an additional 10,700 shares in the last quarter. Ardsley Advisory Partners lifted its holdings in shares of Apollo Endosurgery by 25.0% during the second quarter. Ardsley Advisory Partners now owns 50,000 shares of the biotechnology company’s stock valued at $349,000 after purchasing an additional 10,000 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Apollo Endosurgery during the first quarter valued at $378,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Apollo Endosurgery by 411.1% during the third quarter. JPMorgan Chase & Co. now owns 58,427 shares of the biotechnology company’s stock valued at $419,000 after purchasing an additional 46,995 shares in the last quarter. 38.93% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market cap of $131.27 million, a PE ratio of -1.87 and a beta of 0.34. The company has a quick ratio of 2.18, a current ratio of 2.87 and a debt-to-equity ratio of 0.60.

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About Apollo Endosurgery (NASDAQ:APEN)

Apollo Endosurgery, Inc, a medical technology company, focuses on the design, development, and commercialization of medical devices for the treatment of obesity. The company offers endo-bariatric products, such as Orbera intragastric balloon system and Orbera365 Managed Weight Loss System, which are non-surgical alternatives for the treatment of overweight and obese adults; and OverStitch endoscopic suturing system that enables endoscopic procedures by allowing physicians to place full-thickness sutures and secure the approximation of tissue through flexible endoscope.

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