Obalon Therapeutics (NASDAQ:OBLN) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a hold rating to a buy rating in a research note published on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $2.00 price target 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. “

Obalon Therapeutics stock opened at $1.83 on Friday. The stock has a 50-day simple moving average of $1.84 and a 200 day simple moving average of $1.96. 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 12-month low of $1.52 and a 12-month high of $23.30. The stock has a market capitalization of $14.23 million, a price-to-earnings ratio of -0.09 and a beta of -4.67.

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

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

Institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new position in shares of Obalon Therapeutics in the second quarter valued at about $33,000. Perkins Capital Management Inc. bought a new stake in Obalon Therapeutics during the 3rd quarter worth about $58,000. Cerity Partners LLC bought a new stake in Obalon Therapeutics during the 3rd quarter worth about $301,000. Moisand Fitzgerald Tamayo LLC bought a new stake in Obalon Therapeutics during the 3rd quarter worth about $316,000. Finally, Vanguard Group Inc. raised its holdings in 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 purchasing an additional 269,582 shares during the last quarter. 20.09% of the stock is 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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