Obalon Therapeutics (NASDAQ:OBLN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, 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 analysts have also issued reports on OBLN. ValuEngine lowered shares of Obalon Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. Stifel Nicolaus upgraded shares of Obalon Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the stock from $2.50 to $3.00 in a research note on Monday, February 25th. Canaccord Genuity lowered shares of Obalon Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the stock from $3.00 to $1.50 in a research note on Monday, April 8th. Roth Capital reiterated a “neutral” rating and issued a $2.75 target price (down previously from $6.00) on shares of Obalon Therapeutics in a research note on Tuesday, February 26th. Finally, Northland Securities reiterated a “hold” rating and issued a $1.00 target price on shares of Obalon Therapeutics in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Obalon Therapeutics has an average rating of “Hold” and an average target price of $2.04.

OBLN opened at $0.77 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.12 and a current ratio of 1.20. Obalon Therapeutics has a 1-year low of $0.37 and a 1-year high of $3.70. The firm has a market cap of $23.01 million, a price-to-earnings ratio of -0.39 and a beta of -5.19.

A number of institutional investors and hedge funds have recently bought and sold shares of OBLN. Bank of New York Mellon Corp bought a new position in Obalon Therapeutics during the fourth quarter valued at about $29,000. BlackRock Inc. grew its position in Obalon Therapeutics by 31.8% during the fourth quarter. BlackRock Inc. now owns 33,727 shares of the company’s stock valued at $70,000 after buying an additional 8,142 shares during the period. Geode Capital Management LLC bought a new position in Obalon Therapeutics during the fourth quarter valued at about $137,000. Renaissance Technologies LLC grew its position in Obalon Therapeutics by 43.2% during the third quarter. Renaissance Technologies LLC now owns 81,200 shares of the company’s stock valued at $219,000 after buying an additional 24,500 shares during the period. Finally, Vanguard Group Inc grew its position in Obalon Therapeutics by 1.6% during the third quarter. Vanguard Group Inc now owns 444,050 shares of the company’s stock valued at $1,199,000 after buying an additional 6,900 shares during the period. Institutional investors own 28.46% 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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