Obalon Therapeutics (NASDAQ:OBLN) Raised to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. They currently have $2.00 target price on the stock.

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. “

Several other analysts also recently commented on OBLN. ValuEngine raised shares of Obalon Therapeutics from a hold rating to a buy rating in a research report on Wednesday, September 4th. Northland Securities reissued a hold rating on shares of Obalon Therapeutics in a research report on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $16.90.

Shares of OBLN traded down $0.04 during mid-day trading on Tuesday, reaching $1.69. The company’s stock had a trading volume of 244,800 shares, compared to its average volume of 679,942. Obalon Therapeutics has a 52 week low of $1.52 and a 52 week high of $34.00. The company’s fifty day moving average price is $1.78 and its two-hundred day moving average price is $1.63. The stock has a market cap of $9.31 million, a PE ratio of -0.09 and a beta of -4.87. The company has a current ratio of 5.72, a quick ratio of 1.48 and a debt-to-equity ratio of 0.03.

Obalon Therapeutics (NASDAQ:OBLN) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.61) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($3.50) by $2.89. Obalon Therapeutics had a negative net margin of 607.48% and a negative return on equity of 228.96%. The company had revenue of $0.33 million for the quarter, compared to the consensus estimate of $2.20 million. Research analysts anticipate that Obalon Therapeutics will post -2.72 EPS for the current year.

In related news, CEO William J. Plovanic bought 65,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were acquired at an average price of $1.66 per share, for a total transaction of $107,900.00. Following the purchase, the chief executive officer now owns 106,806 shares of the company’s stock, valued at $177,297.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 14.30% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Moisand Fitzgerald Tamayo LLC bought a new position in Obalon Therapeutics during the 3rd quarter valued at about $316,000. Cerity Partners LLC bought a new position in Obalon Therapeutics during the 3rd quarter valued at about $301,000. Perkins Capital Management Inc. bought a new position in Obalon Therapeutics during the 3rd quarter valued at about $58,000. Jane Street Group LLC bought a new position in Obalon Therapeutics during the 2nd quarter valued at about $33,000. Finally, Vanguard Group Inc. lifted its stake in Obalon Therapeutics by 132.0% during the 2nd quarter. Vanguard Group Inc. now owns 473,870 shares of the company’s stock valued at $331,000 after acquiring an additional 269,582 shares during the period. Institutional investors and hedge funds own 38.24% 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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