Obalon Therapeutics (OBLN) Trading Up 39.8%

Obalon Therapeutics Inc (NASDAQ:OBLN) shares were up 39.8% during mid-day trading on Thursday . The company traded as high as $1.92 and last traded at $1.58. Approximately 60,368,133 shares traded hands during mid-day trading, an increase of 2,458% from the average daily volume of 2,360,376 shares. The stock had previously closed at $1.13.

OBLN has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Obalon Therapeutics from a “hold” rating to a “buy” rating and set a $1.75 price objective for the company in a research report on Thursday, March 28th. Stifel Nicolaus upgraded shares of Obalon Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the company from $2.50 to $3.00 in a research report on Monday, February 25th. Roth Capital reiterated a “buy” rating on shares of Obalon Therapeutics in a research report on Tuesday, February 5th. Northland Securities reissued a “hold” rating and issued a $1.00 price objective on shares of Obalon Therapeutics in a research note on Thursday, April 11th. Finally, Canaccord Genuity cut shares of Obalon Therapeutics from a “buy” rating to a “hold” rating and dropped their price objective for the company from $3.00 to $1.50 in a research note on Monday, April 8th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $2.04.

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.12 and a current ratio of 1.20. The company has a market capitalization of $17.14 million, a price-to-earnings ratio of -0.81 and a beta of -1.49.

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new position in shares of Obalon Therapeutics during the 4th quarter worth $29,000. BlackRock Inc. boosted its position in shares of Obalon Therapeutics by 31.8% in the 4th quarter. BlackRock Inc. now owns 33,727 shares of the company’s stock worth $70,000 after buying an additional 8,142 shares in the last quarter. Geode Capital Management LLC purchased a new stake in shares of Obalon Therapeutics in the 4th quarter worth about $137,000. Renaissance Technologies LLC boosted its position in shares of Obalon Therapeutics by 43.2% in the 3rd quarter. Renaissance Technologies LLC now owns 81,200 shares of the company’s stock worth $219,000 after buying an additional 24,500 shares in the last quarter. Finally, Vanguard Group Inc boosted its position in shares of Obalon Therapeutics by 1.6% in the 3rd quarter. Vanguard Group Inc now owns 444,050 shares of the company’s stock worth $1,199,000 after buying an additional 6,900 shares in the last quarter. 28.46% of the stock is currently owned by institutional investors and hedge funds.

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About Obalon Therapeutics (NASDAQ:OBLN)

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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