Obalon Therapeutics (NASDAQ:OBLN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, 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. “

Other research analysts have also recently issued research reports about the stock. Northland Securities reaffirmed a “hold” rating on shares of Obalon Therapeutics in a research report on Wednesday, July 24th. ValuEngine raised shares of Obalon Therapeutics from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Obalon Therapeutics currently has an average rating of “Buy” and an average price target of $16.90.

NASDAQ OBLN traded up $0.08 during trading hours on Wednesday, reaching $2.29. The company had a trading volume of 25,866 shares, compared to its average volume of 376,210. The stock has a 50-day moving average of $2.96 and a 200 day moving average of $1.44. Obalon Therapeutics has a 1-year low of $1.64 and a 1-year high of $34.50. The company has a current ratio of 1.69, a quick ratio of 1.48 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $9.64 million, a P/E ratio of -0.12 and a beta of -4.86.

Obalon Therapeutics (NASDAQ:OBLN) last posted its earnings results on Wednesday, July 24th. The company reported ($0.25) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.02. Obalon Therapeutics had a negative net margin of 425.36% and a negative return on equity of 253.79%. The company had revenue of $0.39 million for the quarter, compared to analysts’ expectations of $1.82 million. As a group, sell-side analysts predict that Obalon Therapeutics will post -13.1 EPS for the current year.

In other Obalon Therapeutics news, major shareholder Interwest Partners X. Lp purchased 25,000 shares of Obalon Therapeutics stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average price of $4.00 per share, with a total value of $100,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kim P. Kamdar purchased 12,500 shares of Obalon Therapeutics stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $4.00 per share, for a total transaction of $50,000.00. The disclosure for this purchase can be found here. Insiders acquired 45,000 shares of company stock worth $180,000 in the last ninety days. 14.30% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of OBLN. Vanguard Group Inc. lifted its position in shares of Obalon Therapeutics by 132.0% during the second quarter. Vanguard Group Inc. now owns 473,870 shares of the company’s stock worth $331,000 after purchasing an additional 269,582 shares in the last quarter. Hoylecohen LLC lifted its position in shares of Obalon Therapeutics by 95.4% during the second quarter. Hoylecohen LLC now owns 204,850 shares of the company’s stock worth $143,000 after purchasing an additional 100,000 shares in the last quarter. Geode Capital Management LLC acquired a new stake in shares of Obalon Therapeutics during the fourth quarter worth about $137,000. Finally, Jane Street Group LLC acquired a new stake in shares of Obalon Therapeutics during the second quarter worth about $33,000. 91.76% 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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