Northland Securities Reaffirms “Buy” Rating for Apollo Endosurgery (APEN)

Apollo Endosurgery (NASDAQ:APEN)‘s stock had its “buy” rating restated by equities research analysts at Northland Securities in a research report issued on Thursday. They currently have a $12.00 price target on the biotechnology company’s stock. Northland Securities’ price target would suggest a potential upside of 96.08% from the stock’s previous close.

The analysts wrote, “We note that the ASMBS Statement is not a guarantee of reimbursement for Orbera.””

Several other research firms have also recently commented on APEN. ValuEngine raised shares of Apollo Endosurgery from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. Roth Capital set a $10.00 target price on shares of Apollo Endosurgery and gave the company a “buy” rating in a research note on Thursday, January 4th. Finally, Zacks Investment Research cut shares of Apollo Endosurgery from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $9.44.

Apollo Endosurgery (APEN) traded up $0.06 during trading on Thursday, reaching $6.12. 14,426 shares of the company’s stock traded hands, compared to its average volume of 54,154. The firm has a market cap of $102.19, a PE ratio of -0.17 and a beta of 0.57. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.00 and a current ratio of 2.54. Apollo Endosurgery has a 52-week low of $3.55 and a 52-week high of $14.09.

In other Apollo Endosurgery news, major shareholder Stonepine Capital, L.P. acquired 45,434 shares of the stock in a transaction dated Wednesday, December 20th. The shares were bought at an average price of $4.50 per share, with a total value of $204,453.00. Following the purchase, the insider now directly owns 2,410,141 shares of the company’s stock, valued at approximately $10,845,634.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders bought a total of 263,886 shares of company stock worth $1,288,051 in the last ninety days. Corporate insiders own 74.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in APEN. Stonepine Capital Management LLC acquired a new position in shares of Apollo Endosurgery in the 3rd quarter worth approximately $11,067,000. King Luther Capital Management Corp acquired a new position in shares of Apollo Endosurgery in the 3rd quarter worth approximately $2,567,000. Russell Investments Group Ltd. acquired a new position in shares of Apollo Endosurgery in the 3rd quarter worth approximately $1,288,000. Woodmont Investment Counsel LLC acquired a new position in shares of Apollo Endosurgery in the 3rd quarter worth approximately $220,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of Apollo Endosurgery in the 3rd quarter worth approximately $119,000. 23.67% of the stock is currently owned by institutional investors.

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About Apollo Endosurgery

Apollo Endosurgery, Inc, formerly Lpath, Inc, is a medical device company. The Company is focused on less invasive therapies for the treatment of obesity, as well as other gastrointestinal disorders. The Company’s device-based therapies are an alternative to invasive surgical procedures. The Company offers products in over 80 countries.

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