Obalon Therapeutics (NASDAQ:OBLN) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Obalon Therapeutics (NASDAQ:OBLN) from a buy rating to a hold rating in a report published on Saturday, 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 also recently commented on OBLN. ValuEngine upgraded Obalon Therapeutics from a hold rating to a buy rating in a research note on Wednesday, September 4th. Northland Securities restated a hold rating on shares of Obalon Therapeutics in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $16.90.

Shares of OBLN traded down $0.11 during trading hours on Friday, reaching $1.68. The stock had a trading volume of 897,600 shares, compared to its average volume of 415,796. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.48 and a current ratio of 1.69. The company’s 50-day moving average is $1.83 and its two-hundred day moving average is $1.59. The stock has a market capitalization of $10.70 million, a PE ratio of -0.09 and a beta of -4.87. Obalon Therapeutics has a 12 month low of $1.53 and a 12 month high of $34.00.

Obalon Therapeutics (NASDAQ:OBLN) last issued its earnings results on Friday, November 8th. The company reported ($0.61) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($3.50) by $2.89. The company had revenue of $0.33 million during the quarter, compared to the consensus estimate of $2.20 million. Obalon Therapeutics had a negative return on equity of 253.79% and a negative net margin of 425.36%. Equities analysts anticipate that Obalon Therapeutics will post -13.1 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in OBLN. Vanguard Group Inc. lifted its position in Obalon Therapeutics by 132.0% in the 2nd quarter. Vanguard Group Inc. now owns 473,870 shares of the company’s stock valued at $331,000 after acquiring an additional 269,582 shares in the last quarter. Cerity Partners LLC bought a new position in Obalon Therapeutics in the 3rd quarter valued at about $301,000. Hoylecohen LLC lifted its position in Obalon Therapeutics by 95.4% in the 2nd quarter. Hoylecohen LLC now owns 204,850 shares of the company’s stock valued at $143,000 after acquiring an additional 100,000 shares in the last quarter. Jane Street Group LLC bought a new position in Obalon Therapeutics in the 2nd quarter valued at about $33,000. Finally, Perkins Capital Management Inc. bought a new position in Obalon Therapeutics in the 3rd quarter valued at about $58,000. 35.33% of the stock is currently owned by institutional investors and hedge funds.

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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