Piper Jaffray Initiates Coverage on Apollo Endosurgery (APEN)
Piper Jaffray began coverage on shares of Apollo Endosurgery (NASDAQ:APEN) in a research note published on Friday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $8.00 target price on the biotechnology company’s stock.
Several other brokerages also recently weighed in on APEN. Roth Capital set a $10.00 price target on Apollo Endosurgery and gave the stock a buy rating in a report on Thursday, January 4th. Zacks Investment Research downgraded Apollo Endosurgery from a buy rating to a hold rating in a report on Wednesday, December 27th. Northland Securities restated a buy rating and set a $12.00 price target on shares of Apollo Endosurgery in a report on Thursday, February 8th. Finally, ValuEngine upgraded Apollo Endosurgery from a strong sell rating to a sell rating in a report on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $9.15.
APEN stock opened at $5.87 on Friday. The company has a current ratio of 2.23, a quick ratio of 1.68 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $102.28, a P/E ratio of -2.92 and a beta of 0.34. Apollo Endosurgery has a 12-month low of $3.55 and a 12-month high of $12.56.
In related news, Director Matthew S. Crawford purchased 4,038 shares of the business’s stock in a transaction on Friday, March 9th. The shares were bought at an average price of $6.20 per share, for a total transaction of $25,035.60. Following the acquisition, the director now directly owns 53,715 shares in the company, valued at $333,033. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 52.80% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Stonepine Capital Management LLC increased its holdings in Apollo Endosurgery by 8.3% during the 4th quarter. Stonepine Capital Management LLC now owns 2,560,314 shares of the biotechnology company’s stock worth $14,338,000 after purchasing an additional 195,607 shares during the period. Russell Investments Group Ltd. purchased a new stake in Apollo Endosurgery during the 3rd quarter worth about $1,288,000. Ardsley Advisory Partners increased its holdings in Apollo Endosurgery by 53.2% during the 4th quarter. Ardsley Advisory Partners now owns 28,800 shares of the biotechnology company’s stock worth $161,000 after purchasing an additional 10,000 shares during the period. JPMorgan Chase & Co. purchased a new stake in Apollo Endosurgery during the 3rd quarter worth about $119,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Apollo Endosurgery in the 4th quarter valued at about $126,000. Institutional investors own 31.20% of the company’s stock.
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Apollo Endosurgery Company Profile
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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