Zacks Investment Research upgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a hold rating to a buy rating in a research report released on Saturday, Zacks.com reports. They currently have $2.00 price objective 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. “

Shares of OBLN opened at $1.83 on Friday. Obalon Therapeutics has a 52-week low of $1.52 and a 52-week high of $23.30. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.20 and a current ratio of 5.72. The stock has a 50 day simple moving average of $1.84 and a 200 day simple moving average of $1.96. The firm has a market capitalization of $14.23 million, a PE ratio of -0.09 and a beta of -4.67.

Obalon Therapeutics (NASDAQ:OBLN) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.50) by $2.89. Obalon Therapeutics had a negative return on equity of 228.96% and a negative net margin of 607.48%. The firm had revenue of $0.33 million during the quarter, compared to the consensus estimate of $2.20 million. Equities research analysts predict that Obalon Therapeutics will post -2.72 EPS for the current fiscal year.

In other news, CEO William J. Plovanic purchased 65,000 shares of Obalon Therapeutics stock in a transaction on Tuesday, November 12th. The stock was purchased at an average price of $1.66 per share, with a total value of $107,900.00. Following the transaction, the chief executive officer now directly owns 106,806 shares in the company, valued at approximately $177,297.96. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 14.30% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new position in Obalon Therapeutics during the 2nd quarter worth approximately $33,000. Perkins Capital Management Inc. acquired a new position in Obalon Therapeutics during the 3rd quarter worth approximately $58,000. Cerity Partners LLC acquired a new position in Obalon Therapeutics during the 3rd quarter worth approximately $301,000. Moisand Fitzgerald Tamayo LLC acquired a new position in Obalon Therapeutics during the 3rd quarter worth approximately $316,000. Finally, Vanguard Group Inc. boosted its position in Obalon Therapeutics by 132.0% during the 2nd quarter. Vanguard Group Inc. now owns 473,870 shares of the company’s stock worth $331,000 after acquiring an additional 269,582 shares during the last quarter. 20.09% of the stock is owned by hedge funds and other institutional investors.

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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