Brokerages Set Obalon Therapeutics Inc (NASDAQ:OBLN) Target Price at $24.17

Obalon Therapeutics Inc (NASDAQ:OBLN) has been given an average recommendation of “Hold” by the six research firms that are covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $24.17.

Separately, Zacks Investment Research downgraded Obalon Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday.

Shares of OBLN traded down $0.03 on Friday, hitting $1.90. 146,814 shares of the stock traded hands, compared to its average volume of 221,839. Obalon Therapeutics has a one year low of $1.52 and a one year high of $23.30. The business has a 50 day simple moving average of $1.84 and a 200 day simple moving average of $1.98. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.72 and a quick ratio of 5.20.

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

In related news, CEO William J. Plovanic acquired 65,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was purchased 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 $177,297.96. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 14.30% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of OBLN. Cerity Partners LLC bought a new stake in shares of Obalon Therapeutics during the 3rd quarter valued at 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 during the last quarter. Moisand Fitzgerald Tamayo LLC bought a new stake in shares of Obalon Therapeutics during the 3rd quarter valued at $316,000. Sabby Management LLC bought a new stake in shares of Obalon Therapeutics during the 3rd quarter valued at $1,330,000. Finally, Perkins Capital Management Inc. bought a new stake in shares of Obalon Therapeutics during the 3rd quarter valued at $58,000. 20.09% of the stock is currently owned by institutional investors.

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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