Obalon Therapeutics (OBLN) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.

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. “

Several other equities analysts also recently weighed in on OBLN. UBS Group reduced their target price on shares of Obalon Therapeutics from $20.00 to $16.00 and set a buy rating for the company in a research note on Friday, November 10th. BTIG Research reduced their price objective on shares of Obalon Therapeutics from $20.00 to $15.00 and set a buy rating for the company in a research note on Monday, November 6th. Finally, Northland Securities reaffirmed a sell rating and set a $4.00 price objective on shares of Obalon Therapeutics in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $13.00.

Obalon Therapeutics (NASDAQ OBLN) traded up $0.46 on Wednesday, hitting $7.38. 73,892 shares of the stock traded hands, compared to its average volume of 47,120. The stock has a market capitalization of $128.72 and a P/E ratio of -3.82. The company has a debt-to-equity ratio of 0.21, a current ratio of 8.78 and a quick ratio of 8.65. Obalon Therapeutics has a 52-week low of $6.53 and a 52-week high of $13.18.

Obalon Therapeutics (NASDAQ:OBLN) last posted its earnings results on Friday, November 3rd. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.12). The business had revenue of $2.79 million during the quarter, compared to analysts’ expectations of $2.95 million. Obalon Therapeutics had a negative return on equity of 59.77% and a negative net margin of 459.54%. research analysts expect that Obalon Therapeutics will post -1.96 earnings per share for the current year.

A number of large investors have recently modified their holdings of OBLN. Schwab Charles Investment Management Inc. purchased a new position in Obalon Therapeutics during the second quarter valued at approximately $175,000. Bank of New York Mellon Corp grew its stake in Obalon Therapeutics by 33.9% during the second quarter. Bank of New York Mellon Corp now owns 21,135 shares of the company’s stock valued at $210,000 after acquiring an additional 5,353 shares in the last quarter. Blair William & Co. IL purchased a new position in Obalon Therapeutics during the second quarter valued at approximately $134,000. Teachers Advisors LLC grew its stake in Obalon Therapeutics by 235.7% during the second quarter. Teachers Advisors LLC now owns 17,621 shares of the company’s stock valued at $175,000 after acquiring an additional 12,372 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its stake in Obalon Therapeutics by 511.8% during the second quarter. TIAA CREF Investment Management LLC now owns 23,577 shares of the company’s stock valued at $234,000 after acquiring an additional 19,723 shares in the last quarter. 44.05% of the stock is owned by institutional investors.

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Obalon Therapeutics Company Profile

Obalon Therapeutics, Inc is a United States-based commercial-stage medical device company focused on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. The Company’s product, Obalon balloon system, is a swallowable, gas-filled intragastric balloon designed to provide weight loss in obese patients.

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