Obalon Therapeutics (NASDAQ:OBLN) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a sell rating to a hold rating in a research report report published 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. “

Several other brokerages have also recently weighed in on OBLN. Northland Securities reissued a hold rating and issued a $1.00 price target on shares of Obalon Therapeutics in a research note on Thursday, April 11th. Canaccord Genuity set a $220.00 price target on SAGE Therapeutics and gave the company a buy rating in a research note on Monday, April 8th. Finally, ValuEngine cut Verso from a hold rating to a sell rating in a research note on Thursday, May 23rd. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $2.04.

Shares of OBLN stock opened at $0.64 on Thursday. The company has a 50-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 has a 1-year low of $0.37 and a 1-year high of $3.70.

Obalon Therapeutics (NASDAQ:OBLN) last issued its quarterly earnings results on Friday, May 10th. The company reported ($0.36) earnings per share for the quarter, meeting the consensus estimate of ($0.36). The company had revenue of $1.78 million during the quarter, compared to analysts’ expectations of $1.74 million. Obalon Therapeutics had a negative return on equity of 100.59% and a negative net margin of 147.30%. As a group, research analysts predict that Obalon Therapeutics will post -1.07 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC bought a new stake in shares of Obalon Therapeutics during the 4th quarter valued at about $137,000. Bank of New York Mellon Corp bought a new stake in shares of Obalon Therapeutics during the 4th quarter valued at about $29,000. Finally, BlackRock Inc. boosted its position in shares of 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 purchasing an additional 8,142 shares in the last quarter. Institutional investors own 22.03% of the company’s stock.

Obalon Therapeutics Company Profile

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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