Zacks Investment Research Upgrades Obalon Therapeutics (NASDAQ:OBLN) to Hold

Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a sell rating to a hold rating in a research report sent to investors on Thursday morning, 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 equities analysts have also recently weighed in on OBLN. Northland Securities reiterated a hold rating and set a $1.00 price target on shares of Obalon Therapeutics in a report on Thursday, April 11th. ValuEngine cut Verso from a hold rating to a sell rating in a report on Thursday, May 23rd. Finally, Canaccord Genuity set a $220.00 price target on SAGE Therapeutics and gave the stock a buy rating in a report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $2.04.

Shares of OBLN opened at $0.64 on Thursday. Obalon Therapeutics has a 52-week low of $0.37 and a 52-week high of $3.70. The firm has a market cap of $19.68 million, a P/E ratio of -0.32 and a beta of -5.34. The business has a fifty day moving average of $0.81. The company has a quick ratio of 1.12, a current ratio of 1.20 and a debt-to-equity ratio of 0.13.

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 analysts’ consensus estimates of ($0.36). Obalon Therapeutics had a negative return on equity of 100.59% and a negative net margin of 147.30%. The business had revenue of $1.78 million during the quarter, compared to the consensus estimate of $1.74 million. On average, equities analysts expect that Obalon Therapeutics will post -1.07 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in Obalon Therapeutics by 31.8% during the 4th quarter. BlackRock Inc. now owns 33,727 shares of the company’s stock valued at $70,000 after acquiring an additional 8,142 shares during the period. Bank of New York Mellon Corp purchased a new position in Obalon Therapeutics during the 4th quarter valued at about $29,000. Finally, Geode Capital Management LLC purchased a new position in Obalon Therapeutics during the 4th quarter valued at about $137,000. Institutional investors and hedge funds own 22.03% of the company’s stock.

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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