Obalon Therapeutics Inc (NASDAQ:OBLN) shares saw strong trading volume on Wednesday . 2,421,441 shares traded hands during mid-day trading, an increase of 608% from the previous session’s volume of 342,172 shares.The stock last traded at $2.14 and had previously closed at $1.73.

OBLN has been the subject of several recent research reports. Zacks Investment Research cut Obalon Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Wednesday. ValuEngine raised shares of Obalon Therapeutics from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Finally, Northland Securities reaffirmed a “hold” rating on shares of Obalon Therapeutics in a research note on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Obalon Therapeutics currently has a consensus rating of “Hold” and an average target price of $20.83.

The business’s fifty day simple moving average is $2.96 and its 200 day simple moving average is $1.44. The stock has a market cap of $9.59 million, a price-to-earnings ratio of -0.11 and a beta of -4.86. The company has a current ratio of 1.69, a quick ratio of 1.48 and a debt-to-equity ratio of 0.09.

Obalon Therapeutics (NASDAQ:OBLN) last posted its quarterly earnings results on Wednesday, July 24th. The company reported ($0.25) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.02. Obalon Therapeutics had a negative return on equity of 253.79% and a negative net margin of 425.36%. The company had revenue of $0.39 million for the quarter, compared to the consensus estimate of $1.82 million. As a group, research analysts anticipate that Obalon Therapeutics Inc will post -11.35 earnings per share for the current year.

In other news, Director Kim P. Kamdar purchased 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average cost of $4.00 per share, for a total transaction of $50,000.00. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Interwest Partners X. Lp acquired 25,000 shares of Obalon Therapeutics stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average cost of $4.00 per share, for a total transaction of $100,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 45,000 shares of company stock valued at $180,000. 14.30% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. Jane Street Group LLC acquired a new stake in Obalon Therapeutics in the second quarter worth $33,000. Geode Capital Management LLC bought a new position in shares of Obalon Therapeutics during the fourth quarter worth $137,000. Hoylecohen LLC boosted its position in shares of Obalon Therapeutics by 95.4% during the second quarter. Hoylecohen LLC now owns 204,850 shares of the company’s stock worth $143,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position 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 worth $331,000 after purchasing an additional 269,582 shares in the last quarter. 91.76% of the stock is owned by hedge funds and other institutional investors.

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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