Obalon Therptcs (OBLN) Issues Quarterly Earnings Results
Obalon Therptcs (NASDAQ:OBLN) announced its earnings results on Friday. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.12), Bloomberg Earnings reports. Obalon Therptcs had a negative return on equity of 108.07% and a negative net margin of 566.87%.
Shares of Obalon Therptcs (NASDAQ OBLN) traded up $0.59 during mid-day trading on Friday, hitting $8.96. 79,826 shares of the stock traded hands, compared to its average volume of 52,809. The company has a current ratio of 13.29, a quick ratio of 13.14 and a debt-to-equity ratio of 0.20.
Several equities research analysts have issued reports on OBLN shares. Northland Securities reaffirmed a “sell” rating and set a $6.00 target price on shares of Obalon Therptcs in a research note on Wednesday, August 2nd. UBS AG reaffirmed a “buy” rating and set a $20.00 target price (down previously from $22.00) on shares of Obalon Therptcs in a research note on Thursday, August 3rd. Finally, Zacks Investment Research cut shares of Obalon Therptcs from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $15.25.
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Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Obalon Therptcs by 8.3% in the second quarter. Vanguard Group Inc. now owns 170,266 shares of the company’s stock valued at $1,687,000 after buying an additional 13,108 shares during the period. State Street Corp boosted its stake in shares of Obalon Therptcs by 66.1% in the second quarter. State Street Corp now owns 71,242 shares of the company’s stock valued at $705,000 after buying an additional 28,356 shares during the period. Finally, California State Teachers Retirement System boosted its stake in shares of Obalon Therptcs by 53.5% in the second quarter. California State Teachers Retirement System now owns 15,200 shares of the company’s stock valued at $151,000 after buying an additional 5,300 shares during the period. Institutional investors and hedge funds own 44.61% of the company’s stock.
About Obalon Therptcs
Obalon Therapeutics, Inc is a United States-based commercial-stage medical device company focused on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. The Company’s product, Obalon balloon system, is a swallowable, gas-filled intragastric balloon designed to provide weight loss in obese patients.
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