Obalon Therapeutics Inc (NASDAQ:OBLN) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 39,600 shares, a decline of 88.6% from the July 31st total of 347,800 shares. Based on an average daily trading volume, of 635,900 shares, the days-to-cover ratio is presently 0.1 days. Currently, 1.3% of the company’s shares are sold short.
In other news, Director Kim P. Kamdar acquired 12,500 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was bought at an average cost of $4.00 per share, with a total value of $50,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Interwest Partners X. Lp acquired 25,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were purchased at an average cost of $4.00 per share, with a total value of $100,000.00. The disclosure for this purchase can be found here. Insiders have acquired 45,000 shares of company stock valued at $180,000 over the last ninety days. 14.30% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC purchased a new stake in shares of Obalon Therapeutics during the fourth quarter valued at $137,000. Vanguard Group Inc. boosted its stake in shares of Obalon Therapeutics by 132.0% during the second quarter. Vanguard Group Inc. now owns 473,870 shares of the company’s stock valued at $331,000 after purchasing an additional 269,582 shares during the period. Jane Street Group LLC purchased a new stake in shares of Obalon Therapeutics during the second quarter valued at $33,000. Finally, Hoylecohen LLC boosted its stake in shares of Obalon Therapeutics by 95.4% during the second quarter. Hoylecohen LLC now owns 204,850 shares of the company’s stock valued at $143,000 after purchasing an additional 100,000 shares during the period. 91.76% of the stock is owned by hedge funds and other institutional investors.
Several research firms have commented on OBLN. Northland Securities reaffirmed a “hold” rating on shares of Obalon Therapeutics in a research note on Wednesday, July 24th. Zacks Investment Research raised shares of Obalon Therapeutics from a “hold” rating to a “strong-buy” rating and set a $2.00 price objective for the company in a research note on Thursday. Finally, ValuEngine raised shares of Obalon Therapeutics from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Obalon Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $16.90.
Shares of OBLN traded down $0.05 during trading hours on Friday, reaching $2.16. 761,700 shares of the company traded hands, compared to its average volume of 349,007. The firm has a market cap of $9.64 million, a price-to-earnings ratio of -0.11 and a beta of -4.86. Obalon Therapeutics has a 12-month low of $1.64 and a 12-month high of $34.00. The company has a current ratio of 1.69, a quick ratio of 1.48 and a debt-to-equity ratio of 0.09. The stock’s fifty day moving average price is $3.00 and its 200 day moving average price is $1.44.
Obalon Therapeutics (NASDAQ:OBLN) last issued its earnings results on Wednesday, July 24th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.02. The firm had revenue of $0.39 million during the quarter, compared to analyst estimates of $1.82 million. Obalon Therapeutics had a negative net margin of 425.36% and a negative return on equity of 253.79%. On average, research analysts forecast that Obalon Therapeutics will post -13.1 earnings per share for the current year.
About Obalon Therapeutics
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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