Northland Securities Upgrades Obalon Therapeutics (OBLN) to Market Perform

Obalon Therapeutics (NASDAQ:OBLN) was upgraded by equities research analysts at Northland Securities from an “underperform” rating to a “market perform” rating in a research note issued on Thursday, Marketbeat Ratings reports.

Other equities analysts also recently issued reports about the stock. BTIG Research lowered their target price on shares of Obalon Therapeutics from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, November 6th. Canaccord Genuity restated a “buy” rating and set a $11.00 target price (down from $15.00) on shares of Obalon Therapeutics in a report on Monday, January 22nd. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Obalon Therapeutics from a “hold” rating to a “buy” rating and set a $8.50 target price on the stock in a report on Thursday, January 11th. Finally, UBS Group lowered their target price on shares of Obalon Therapeutics from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $10.90.

Shares of Obalon Therapeutics (OBLN) traded up $0.32 on Thursday, reaching $4.41. 469,854 shares of the company were exchanged, compared to its average volume of 420,715. The firm has a market capitalization of $82.94 and a P/E ratio of -2.28. Obalon Therapeutics has a fifty-two week low of $3.40 and a fifty-two week high of $13.18. The company has a debt-to-equity ratio of 0.21, a quick ratio of 8.65 and a current ratio of 8.78.

Obalon Therapeutics (NASDAQ:OBLN) last issued its earnings results on Friday, November 3rd. The company reported ($0.55) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.43) by ($0.12). The firm had revenue of $2.79 million for the quarter, compared to analyst estimates of $2.95 million. Obalon Therapeutics had a negative return on equity of 59.77% and a negative net margin of 459.54%. analysts predict that Obalon Therapeutics will post -1.96 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of OBLN. California State Teachers Retirement System boosted its position in Obalon Therapeutics by 53.5% during the second quarter. California State Teachers Retirement System now owns 15,200 shares of the company’s stock worth $151,000 after purchasing an additional 5,300 shares during the period. Teachers Advisors LLC boosted its position in Obalon Therapeutics by 235.7% during the second quarter. Teachers Advisors LLC now owns 17,621 shares of the company’s stock worth $175,000 after purchasing an additional 12,372 shares during the period. Schwab Charles Investment Management Inc. bought a new position in Obalon Therapeutics during the second quarter worth $175,000. Bank of New York Mellon Corp boosted its position in Obalon Therapeutics by 33.9% during the second quarter. Bank of New York Mellon Corp now owns 21,135 shares of the company’s stock worth $210,000 after purchasing an additional 5,353 shares during the period. Finally, TIAA CREF Investment Management LLC boosted its position in Obalon Therapeutics by 511.8% during the second quarter. TIAA CREF Investment Management LLC now owns 23,577 shares of the company’s stock worth $234,000 after purchasing an additional 19,723 shares during the period. Institutional investors and hedge funds own 44.22% of the company’s stock.

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Obalon Therapeutics Company Profile

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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