Apollo Endosurgery (NASDAQ:APEN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
Separately, Northland Securities reaffirmed a “buy” rating on shares of Apollo Endosurgery in a research report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. Apollo Endosurgery currently has an average rating of “Hold” and a consensus target price of $9.44.
In related news, VP Bret Schwartzhoff acquired 9,500 shares of the business’s stock in a transaction dated Tuesday, November 7th. The stock was bought at an average price of $4.24 per share, with a total value of $40,280.00. Following the acquisition, the vice president now owns 15,631 shares in the company, valued at approximately $66,275.44. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Stonepine Capital, L.P. acquired 185,157 shares of the business’s stock in a transaction dated Friday, December 22nd. The stock was bought at an average cost of $4.85 per share, with a total value of $898,011.45. Following the acquisition, the insider now owns 2,410,141 shares in the company, valued at approximately $11,689,183.85. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 240,091 shares of company stock valued at $1,142,744. Insiders own 74.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in APEN. Stonepine Capital Management LLC acquired a new stake in shares of Apollo Endosurgery in the 3rd quarter valued at approximately $11,067,000. King Luther Capital Management Corp acquired a new stake in shares of Apollo Endosurgery in the 3rd quarter valued at approximately $2,567,000. Russell Investments Group Ltd. acquired a new stake in shares of Apollo Endosurgery in the 3rd quarter valued at approximately $1,288,000. Woodmont Investment Counsel LLC acquired a new stake in shares of Apollo Endosurgery in the 3rd quarter valued at approximately $220,000. Finally, JPMorgan Chase & Co. acquired a new stake in shares of Apollo Endosurgery in the 3rd quarter valued at approximately $119,000. 23.67% of the stock is owned by institutional investors.
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About Apollo Endosurgery
Apollo Endosurgery, Inc, formerly Lpath, Inc, is a medical device company. The Company is focused on less invasive therapies for the treatment of obesity, as well as other gastrointestinal disorders. The Company’s device-based therapies are an alternative to invasive surgical procedures. The Company offers products in over 80 countries.
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