Obalon Therapeutics Inc (NASDAQ:OBLN) Sees Significant Growth in Short Interest

Obalon Therapeutics Inc (NASDAQ:OBLN) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 819,800 shares, a growth of 15.6% from the May 30th total of 709,100 shares. Based on an average daily trading volume, of 5,130,000 shares, the short-interest ratio is presently 0.2 days. Approximately 7.8% of the company’s shares are short sold.

Several research firms recently commented on OBLN. ValuEngine downgraded shares of Verso from a “hold” rating to a “sell” rating in a research note on Thursday, May 23rd. Northland Securities increased their target price on shares of Coupa Software from $85.00 to $150.00 and gave the stock an “average” rating in a report on Thursday. Zacks Investment Research upgraded shares of General Moly from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Canaccord Genuity set a $220.00 target price on shares of SAGE Therapeutics and gave the stock a “buy” rating in a report on Monday, April 8th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Obalon Therapeutics has a consensus rating of “Hold” and a consensus target price of $2.04.

A number of institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new stake in shares of Obalon Therapeutics in the 4th quarter valued at about $29,000. BlackRock Inc. boosted its holdings in shares of Obalon Therapeutics by 31.8% in the 4th quarter. BlackRock Inc. now owns 33,727 shares of the company’s stock valued at $70,000 after buying an additional 8,142 shares in the last quarter. Finally, Geode Capital Management LLC bought a new stake in shares of Obalon Therapeutics in the 4th quarter valued at about $137,000. Institutional investors own 22.03% of the company’s stock.

Obalon Therapeutics stock remained flat at $$0.64 during midday trading on Friday. 732,573 shares of the company’s stock traded hands, compared to its average volume of 2,439,623. The company has a current ratio of 1.20, a quick ratio of 1.12 and a debt-to-equity ratio of 0.13. Obalon Therapeutics has a one year low of $0.37 and a one year high of $3.70. The company’s 50 day simple moving average is $0.81. The company has a market capitalization of $19.59 million, a price-to-earnings ratio of -0.32 and a beta of -5.33.

Obalon Therapeutics (NASDAQ:OBLN) last issued its earnings results on Friday, May 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.36). Obalon Therapeutics had a negative net margin of 147.30% and a negative return on equity of 100.59%. The company had revenue of $1.78 million for the quarter, compared to analysts’ expectations of $1.74 million. Sell-side analysts predict that Obalon Therapeutics will post -1.29 earnings per share for the current year.

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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