Apollo Endosurgery (APEN) Downgraded to “Under Perform” at Northland Securities

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Northland Securities downgraded shares of Apollo Endosurgery (NASDAQ:APEN) from a market perform rating to an under perform rating in a research report report published on Friday morning, MarketBeat.com reports. Northland Securities currently has $3.00 price target on the biotechnology company’s stock, down from their prior price target of $7.00.

A number of other equities analysts also recently commented on the company. ValuEngine upgraded Apollo Endosurgery from a hold rating to a buy rating in a research note on Thursday, July 12th. Roth Capital reiterated a neutral rating and issued a $9.50 price target on shares of Apollo Endosurgery in a research note on Tuesday, July 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Apollo Endosurgery has a consensus rating of Hold and an average price target of $6.83.

Shares of Apollo Endosurgery stock traded down $1.80 during trading hours on Friday, hitting $3.95. 374,349 shares of the company’s stock traded hands, compared to its average volume of 52,392. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.87 and a quick ratio of 2.18. The company has a market capitalization of $133.68 million, a PE ratio of -1.97 and a beta of 0.34. Apollo Endosurgery has a twelve month low of $3.66 and a twelve month high of $9.65.

Apollo Endosurgery (NASDAQ:APEN) last announced its earnings results on Thursday, November 8th. The biotechnology company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.11). The business had revenue of $14.14 million for the quarter, compared to analyst estimates of $16.21 million. Apollo Endosurgery had a negative net margin of 46.55% and a negative return on equity of 58.61%. On average, equities analysts expect that Apollo Endosurgery will post -1.65 earnings per share for the current fiscal year.

In other news, major shareholder Stonepine Capital, L.P. acquired 300,000 shares of the stock in a transaction on Friday, November 2nd. The shares were purchased at an average cost of $5.00 per share, for a total transaction of $1,500,000.00. Following the transaction, the insider now owns 2,877,996 shares in the company, valued at approximately $14,389,980. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 52.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. EAM Investors LLC purchased a new position in Apollo Endosurgery during the 3rd quarter worth approximately $626,000. JPMorgan Chase & Co. grew its position in Apollo Endosurgery by 411.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 58,427 shares of the biotechnology company’s stock worth $419,000 after purchasing an additional 46,995 shares in the last quarter. Ardsley Advisory Partners grew its position in Apollo Endosurgery by 25.0% during the 2nd quarter. Ardsley Advisory Partners now owns 50,000 shares of the biotechnology company’s stock worth $349,000 after purchasing an additional 10,000 shares in the last quarter. Manatuck Hill Partners LLC purchased a new position in Apollo Endosurgery during the 2nd quarter worth approximately $1,222,000. Finally, Nantahala Capital Management LLC purchased a new position in Apollo Endosurgery during the 2nd quarter worth approximately $4,537,000. Hedge funds and other institutional investors own 38.93% of the company’s stock.

About Apollo Endosurgery

Apollo Endosurgery, Inc, a medical technology company, focuses on the design, development, and commercialization of medical devices for the treatment of obesity. The company offers endo-bariatric products, such as Orbera intragastric balloon system and Orbera365 Managed Weight Loss System, which are non-surgical alternatives for the treatment of overweight and obese adults; and OverStitch endoscopic suturing system that enables endoscopic procedures by allowing physicians to place full-thickness sutures and secure the approximation of tissue through flexible endoscope.

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