Apollo Endosurgery (NASDAQ:APEN) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Apollo Endosurgery (NASDAQ:APEN) from a sell rating to a hold rating in a research note published on Monday morning, Zacks.com reports.

According to Zacks, “Apollo Endosurgery, Inc. is engaged in designing and manufacturing of medical devices for weight loss solutions and gastrointestinal disorders. The Company’s product segment includes ORBERA (R), LAP-BAND (R) and OverStitch(TM). The ORBERA is an Intragastric Balloon System which is a weight loss aid for adults suffering from obesity. The LAP-BAND System is developed for weight reduction for patients with obesity. The OverStitch Endoscopic Suturing System enables endoscopic surgery. It operates primarily in Asia Pacific, European Office, Latin and South America and Costa Rica. Apollo Endosurgery, Inc., formerly known as Lpath, Inc., is headquatered in Austin, Texas. “

Separately, ValuEngine lowered Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st.

NASDAQ:APEN opened at $3.27 on Monday. Apollo Endosurgery has a 12-month low of $3.01 and a 12-month high of $9.65. The company has a quick ratio of 2.24, a current ratio of 2.77 and a debt-to-equity ratio of 1.33. The firm’s 50 day moving average is $3.50.

Apollo Endosurgery (NASDAQ:APEN) last released its quarterly earnings data on Thursday, May 2nd. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.02). Apollo Endosurgery had a negative net margin of 69.37% and a negative return on equity of 97.89%. The company had revenue of $13.21 million for the quarter, compared to analyst estimates of $13.21 million. Equities analysts expect that Apollo Endosurgery will post -1.57 EPS for the current fiscal year.

In related news, CEO Todd Newton acquired 25,000 shares of Apollo Endosurgery stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average price of $3.53 per share, for a total transaction of $88,250.00. Following the transaction, the chief executive officer now directly owns 317,668 shares of the company’s stock, valued at approximately $1,121,368.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 37.20% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Gagnon Securities LLC raised its stake in Apollo Endosurgery by 1.4% during the 1st quarter. Gagnon Securities LLC now owns 863,160 shares of the biotechnology company’s stock valued at $3,228,000 after acquiring an additional 11,534 shares in the last quarter. NJ State Employees Deferred Compensation Plan raised its stake in Apollo Endosurgery by 8.3% during the 1st quarter. NJ State Employees Deferred Compensation Plan now owns 130,000 shares of the biotechnology company’s stock valued at $486,000 after acquiring an additional 10,000 shares in the last quarter. Millennium Management LLC bought a new stake in Apollo Endosurgery during the 4th quarter valued at $41,000. Worth Venture Partners LLC raised its stake in Apollo Endosurgery by 114.0% during the 4th quarter. Worth Venture Partners LLC now owns 107,000 shares of the biotechnology company’s stock valued at $368,000 after acquiring an additional 57,000 shares in the last quarter. Finally, Nantahala Capital Management LLC raised its stake in Apollo Endosurgery by 47.7% during the 4th quarter. Nantahala Capital Management LLC now owns 1,760,562 shares of the biotechnology company’s stock valued at $6,074,000 after acquiring an additional 568,577 shares in the last quarter. 41.52% of the stock is currently owned by hedge funds and other institutional investors.

About Apollo Endosurgery

Apollo Endosurgery, Inc, a medical technology company, focuses on the design, development, and commercialization of medical devices. Its products include OverStitch and OverStitch Sx Endoscopic Suturing System that enables advanced endoscopic procedures by allowing physicians to place full thickness sutures and secure the approximation of tissue through a flexible endoscope; Orbera365 Managed Weight Loss System; and the BIB for the treatment of overweight and obese adults.

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