Obalon Therapeutics (OBLN) Stock Rating Upgraded by Zacks Investment Research

Obalon Therapeutics (NASDAQ:OBLN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm currently has a $8.50 price objective on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 8.97% from the company’s previous close.

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. “

A number of other research analysts have also commented on OBLN. Northland Securities reiterated a “sell” rating and issued a $4.00 price objective on shares of Obalon Therapeutics in a research report on Friday, November 3rd. BTIG Research decreased their price objective on Obalon Therapeutics from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, November 6th. Finally, UBS Group decreased their price objective on Obalon Therapeutics from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, November 10th. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. Obalon Therapeutics currently has an average rating of “Hold” and an average price target of $12.10.

Obalon Therapeutics (NASDAQ:OBLN) opened at $7.80 on Thursday. The company has a market capitalization of $132.03 and a price-to-earnings ratio of -4.04. 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 12-month low of $6.53 and a 12-month high of $13.18.

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

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Granite Investment Partners LLC bought a new position in shares of Obalon Therapeutics in the 3rd quarter worth $1,036,000. Northern Trust Corp boosted its position in shares of Obalon Therapeutics by 109.8% in the 2nd quarter. Northern Trust Corp now owns 92,237 shares of the company’s stock worth $914,000 after purchasing an additional 48,268 shares during the last quarter. C WorldWide Group Holding A S boosted its position in shares of Obalon Therapeutics by 13.7% in the 3rd quarter. C WorldWide Group Holding A S now owns 276,211 shares of the company’s stock worth $2,632,000 after purchasing an additional 33,318 shares during the last quarter. Emerald Mutual Fund Advisers Trust boosted its position in shares of Obalon Therapeutics by 89.4% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 63,171 shares of the company’s stock worth $602,000 after purchasing an additional 29,818 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Obalon Therapeutics by 66.1% in the 2nd quarter. State Street Corp now owns 71,242 shares of the company’s stock worth $705,000 after purchasing an additional 28,356 shares during the last quarter. Hedge funds and other institutional investors own 44.05% of the company’s stock.

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About Obalon Therapeutics

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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