Northland Securities Sticks to Their Hold Rating for Obalon Therapeutics Inc (OBLN)

By Jason Carr

Northland Securities analyst Suraj Kalia maintained a Hold rating on Obalon Therapeutics Inc (OBLNResearch Report) today and set a price target of $1. The company’s shares closed yesterday at $0.66, close to its 52-week low of $0.37.

Kalia said:

“We “assume” that the $5M in debt still has covenants restricting $5M cash on hand.”

According to TipRanks.com, Kalia is a 5-star analyst with an average return of 11.3% and a 59.7% success rate. Kalia covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Varex Imaging Corporation, and Strata Skin Sciences Inc.

Obalon Therapeutics Inc has an analyst consensus of Hold, with a price target consensus of $1.

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Based on Obalon Therapeutics Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $8.29 million. In comparison, last year the company had a GAAP net loss of $9.75 million.

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Obalon Therapeutics, Inc. focuses on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. Its product includes medical balloon technology for weight loss therapy which consists of a capsule containing a balloon that is swallowed and then remotely inflated.