Obalon Therapeutics (NASDAQ:OBLN) Lifted to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a sell rating to a hold rating in a report issued on Thursday, Zacks.com reports.

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 analysts also recently commented on the company. ValuEngine downgraded Verso from a hold rating to a sell rating in a research report on Thursday, May 23rd. Northland Securities reaffirmed a hold rating and set a $1.00 price target on shares of Obalon Therapeutics in a research report on Thursday, April 11th. Finally, Canaccord Genuity set a $220.00 price target on SAGE Therapeutics and gave the company a buy rating in a research report on Monday, April 8th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Obalon Therapeutics presently has an average rating of Hold and a consensus price target of $2.04.

Shares of OBLN opened at $0.64 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.20 and a quick ratio of 1.12. The firm’s 50 day simple moving average is $0.81. Obalon Therapeutics has a 12 month low of $0.37 and a 12 month high of $3.70.

Obalon Therapeutics (NASDAQ:OBLN) last issued its quarterly earnings results on Friday, May 10th. The company reported ($0.36) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.36). The company had revenue of $1.78 million during the quarter, compared to the consensus estimate of $1.74 million. Obalon Therapeutics had a negative return on equity of 100.59% and a negative net margin of 147.30%. On average, equities research analysts predict that Obalon Therapeutics will post -1.07 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC purchased a new stake in Obalon Therapeutics in the fourth quarter worth $137,000. BlackRock Inc. increased its position in Obalon Therapeutics by 31.8% in the fourth quarter. BlackRock Inc. now owns 33,727 shares of the company’s stock worth $70,000 after buying an additional 8,142 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Obalon Therapeutics in the fourth quarter worth $29,000. 22.03% of the stock is owned by institutional investors and hedge funds.

Obalon Therapeutics Company Profile

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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