Apollo Endosurgery (APEN) Hits New 12-Month Low on Disappointing Earnings

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Apollo Endosurgery Inc (NASDAQ:APEN)’s share price reached a new 52-week low on Friday following a weaker than expected earnings announcement. The company traded as low as $3.66 and last traded at $3.99, with a volume of 13200 shares. The stock had previously closed at $5.75.

The biotechnology company reported ($0.45) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.11). The firm had revenue of $14.14 million for the quarter, compared to analysts’ expectations of $16.21 million. Apollo Endosurgery had a negative return on equity of 58.61% and a negative net margin of 46.55%.

A number of research firms have recently weighed in on APEN. Northland Securities cut Apollo Endosurgery from an “outperform” rating to a “market perform” rating in a report on Thursday, August 9th. Roth Capital reissued a “neutral” rating and issued a $9.50 price target on shares of Apollo Endosurgery in a report on Tuesday, July 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $6.83.

In other Apollo Endosurgery news, major shareholder Stonepine Capital, L.P. bought 300,000 shares of the company’s stock in a transaction that occurred on Friday, November 2nd. The stock was purchased at an average cost of $5.00 per share, for a total transaction of $1,500,000.00. Following the completion of the purchase, the insider now owns 2,877,996 shares of the company’s stock, valued at approximately $14,389,980. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 52.80% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in APEN. BlackRock Inc. increased its stake in Apollo Endosurgery by 42.4% in the second quarter. BlackRock Inc. now owns 22,768 shares of the biotechnology company’s stock valued at $159,000 after purchasing an additional 6,775 shares during the last quarter. Renaissance Technologies LLC increased its stake in Apollo Endosurgery by 30.9% in the second quarter. Renaissance Technologies LLC now owns 45,300 shares of the biotechnology company’s stock valued at $316,000 after purchasing an additional 10,700 shares during the last quarter. Ardsley Advisory Partners increased its stake in Apollo Endosurgery by 25.0% in the second quarter. Ardsley Advisory Partners now owns 50,000 shares of the biotechnology company’s stock valued at $349,000 after purchasing an additional 10,000 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in Apollo Endosurgery in the first quarter valued at $378,000. Finally, JPMorgan Chase & Co. increased its stake in Apollo Endosurgery by 411.1% in the third quarter. JPMorgan Chase & Co. now owns 58,427 shares of the biotechnology company’s stock valued at $419,000 after purchasing an additional 46,995 shares during the last quarter. Hedge funds and other institutional investors own 38.93% of the company’s stock.

The company has a market cap of $133.68 million, a P/E ratio of -1.97 and a beta of 0.34. The company has a quick ratio of 2.18, a current ratio of 2.87 and a debt-to-equity ratio of 0.60.

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About Apollo Endosurgery (NASDAQ:APEN)

Apollo Endosurgery, Inc, a medical technology company, focuses on the design, development, and commercialization of medical devices for the treatment of obesity. The company offers endo-bariatric products, such as Orbera intragastric balloon system and Orbera365 Managed Weight Loss System, which are non-surgical alternatives for the treatment of overweight and obese adults; and OverStitch endoscopic suturing system that enables endoscopic procedures by allowing physicians to place full-thickness sutures and secure the approximation of tissue through flexible endoscope.

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