Zacks Investment Research upgraded shares of Apollo Endosurgery (NASDAQ:APEN) from a hold rating to a buy rating in a research report report published on Monday, Zacks.com reports. Zacks Investment Research currently has $3.50 price target on the biotechnology company’s stock.
According to Zacks, “Apollo Endosurgery, Inc. is engaged in designing and manufacturing of medical devices for weight loss solutions and gastrointestinal disorders. The Company’s product segment includes ORBERA (R), LAP-BAND (R) and OverStitch(TM). The ORBERA is an Intragastric Balloon System which is a weight loss aid for adults suffering from obesity. The LAP-BAND System is developed for weight reduction for patients with obesity. The OverStitch Endoscopic Suturing System enables endoscopic surgery. It operates primarily in Asia Pacific, European Office, Latin and South America and Costa Rica. Apollo Endosurgery, Inc., formerly known as Lpath, Inc., is headquatered in Austin, Texas. “
Separately, ValuEngine raised Apollo Endosurgery from a hold rating to a buy rating in a research report on Thursday, August 1st.
Apollo Endosurgery (NASDAQ:APEN) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported ($0.40) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.02. The company had revenue of $11.26 million for the quarter, compared to analyst estimates of $13.37 million. Apollo Endosurgery had a negative return on equity of 176.86% and a negative net margin of 71.59%. Research analysts predict that Apollo Endosurgery will post -1.53 EPS for the current fiscal year.
Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Apollo Endosurgery by 60.6% during the second quarter. Vanguard Group Inc. now owns 411,327 shares of the biotechnology company’s stock worth $1,337,000 after buying an additional 155,263 shares in the last quarter. Gagnon Securities LLC grew its position in Apollo Endosurgery by 11.1% during the second quarter. Gagnon Securities LLC now owns 959,013 shares of the biotechnology company’s stock worth $3,117,000 after buying an additional 95,853 shares in the last quarter. Finally, BlackRock Inc. grew its position in Apollo Endosurgery by 42.4% during the second quarter. BlackRock Inc. now owns 37,737 shares of the biotechnology company’s stock worth $122,000 after buying an additional 11,229 shares in the last quarter. 44.30% of the stock is currently owned by institutional investors and hedge funds.
About Apollo Endosurgery
Apollo Endosurgery, Inc, a medical technology company, focuses on the design, development, and commercialization of medical devices. Its products include OverStitch and OverStitch Sx Endoscopic Suturing System that enables advanced endoscopic procedures by allowing physicians to place full thickness sutures and secure the approximation of tissue through a flexible endoscope; Orbera365 Managed Weight Loss System; and the BIB for the treatment of overweight and obese adults.
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