Obalon Therapeutics (OBLN) Rating Lowered to Hold at Zacks Investment Research

Obalon Therapeutics (NASDAQ:OBLN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

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. “

OBLN has been the subject of several other research reports. Canaccord Genuity restated a “buy” rating and set a $11.00 target price (down previously from $15.00) on shares of Obalon Therapeutics in a research note on Monday, January 22nd. They noted that the move was a valuation call. UBS Group decreased their target price on Obalon Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, November 10th. BTIG Research decreased their target price on Obalon Therapeutics from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, November 6th. Finally, Northland Securities restated a “sell” rating and set a $4.00 target price on shares of Obalon Therapeutics in a research note on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $10.90.

Shares of Obalon Therapeutics (NASDAQ OBLN) opened at $4.36 on Tuesday. Obalon Therapeutics has a 52 week low of $3.40 and a 52 week high of $13.18. The company has a debt-to-equity ratio of 0.21, a current ratio of 8.78 and a quick ratio of 8.65.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OBLN. California State Teachers Retirement System increased 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 buying an additional 5,300 shares during the period. Teachers Advisors LLC increased 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 buying an additional 12,372 shares during the period. Schwab Charles Investment Management Inc. acquired a new position in Obalon Therapeutics during the second quarter worth approximately $175,000. Bank of New York Mellon Corp increased 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 buying an additional 5,353 shares during the period. Finally, TIAA CREF Investment Management LLC increased 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 buying an additional 19,723 shares during the period. 44.22% of the stock is currently owned by institutional investors.

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About Obalon Therapeutics

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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