Apollo Endosurgery (APEN) Rating Lowered to Sell at Zacks Investment Research

Apollo Endosurgery (NASDAQ:APEN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

According to Zacks, “Apollo Endosurgery, Inc. is engaged in designing and manufacturing of medical devices for weight loss solutions and gastrointestinal disorders. The Company’s product segment includes ORBERA (R), LAP-BAND (R) and OverStitch(TM). The ORBERA is an Intragastric Balloon System which is a weight loss aid for adults suffering from obesity. The LAP-BAND System is developed for weight reduction for patients with obesity. The OverStitch Endoscopic Suturing System enables endoscopic surgery. It operates primarily in Asia Pacific, European Office, Latin and South America and Costa Rica. Apollo Endosurgery, Inc., formerly known as Lpath, Inc., is headquatered in Austin, Texas. “

APEN has been the subject of a number of other research reports. Northland Securities lowered Apollo Endosurgery from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 9th. Roth Capital restated a “neutral” rating and issued a $9.50 target price on shares of Apollo Endosurgery in a research note on Tuesday, July 17th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $5.00.

Shares of Apollo Endosurgery stock traded down $0.75 during trading on Tuesday, reaching $3.20. The company’s stock had a trading volume of 98,763 shares, compared to its average volume of 70,254. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.42 and a quick ratio of 1.81. The stock has a market capitalization of $86.48 million, a price-to-earnings ratio of -1.59 and a beta of 0.34. Apollo Endosurgery has a 1-year low of $3.66 and a 1-year high of $9.65.

Apollo Endosurgery (NASDAQ:APEN) last posted its quarterly earnings data on Thursday, November 8th. The biotechnology company reported ($0.45) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.11). The business had revenue of $14.14 million during the quarter, compared to analyst estimates of $16.21 million. Apollo Endosurgery had a negative return on equity of 71.73% and a negative net margin of 56.22%. On average, equities research analysts anticipate that Apollo Endosurgery will post -1.65 earnings per share for the current fiscal year.

In other news, major shareholder Stonepine Capital, L.P. bought 300,000 shares of Apollo Endosurgery stock in a transaction that occurred on Friday, November 2nd. The stock was bought at an average price of $5.00 per share, for a total transaction of $1,500,000.00. Following the purchase, the insider now directly owns 2,877,996 shares of the company’s stock, valued at approximately $14,389,980. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 52.80% of the company’s stock.

A number of hedge funds have recently modified their holdings of APEN. BlackRock Inc. raised its stake in shares of Apollo Endosurgery by 42.4% during the 2nd quarter. BlackRock Inc. now owns 22,768 shares of the biotechnology company’s stock valued at $159,000 after buying an additional 6,775 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Apollo Endosurgery by 30.9% during the 2nd quarter. Renaissance Technologies LLC now owns 45,300 shares of the biotechnology company’s stock valued at $316,000 after buying an additional 10,700 shares during the last quarter. Ardsley Advisory Partners raised its stake in shares of Apollo Endosurgery by 25.0% during the 2nd quarter. Ardsley Advisory Partners now owns 50,000 shares of the biotechnology company’s stock valued at $349,000 after buying an additional 10,000 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Apollo Endosurgery by 411.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 58,427 shares of the biotechnology company’s stock valued at $419,000 after buying an additional 46,995 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in shares of Apollo Endosurgery during the 1st quarter valued at about $378,000. Institutional investors own 38.90% of the company’s stock.

About Apollo Endosurgery

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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