Apollo Endosurgery (APEN) Earns “Buy” Rating from Northland Securities

Northland Securities reissued their buy rating on shares of Apollo Endosurgery (NASDAQ:APEN) in a research note released on Monday, December 4th. They currently have a $12.00 target price on the biotechnology company’s stock.

“We highlight an interesting effort being undertaken by Apollo to evaluate possibility of reimbursement” for the Orbera IGB, as a precursor to other major surgeries. Clinically, the proposition makes sense; the question really remains….how do we get reimbursement? Key Points IGB’ prior to Heart Transplant Surgery Obesity is a complicating comorbidity in many patients with advanced HF & consensus recommendations advise against cardiac transplantation in patients with HF and BMI > 35 kg/m2. Transplant eligibility requires weight loss, which is challenging, as exercise capability is often limited owing to diminished functional status (Source: http://www.jhltonline.org/article/ S1053-2498(15)01484-9/fulltext#s0035) As is well known, there are roughly 4,000 heart transplants in the U.S. every year. The concept of using an Orbera IGB prior to an actual heart transplant or LVAD surgery is intriguing.”,” the firm’s analyst wrote.

Separately, Zacks Investment Research raised Apollo Endosurgery from a hold rating to a buy rating and set a $4.75 price objective on the stock in a report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $9.44.

Shares of Apollo Endosurgery (APEN) traded down $0.23 on Monday, reaching $3.98. The company’s stock had a trading volume of 122,700 shares, compared to its average volume of 100,744. Apollo Endosurgery has a 12 month low of $3.55 and a 12 month high of $21.88. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.00 and a current ratio of 2.54.

In other Apollo Endosurgery news, VP Bret Schwartzhoff acquired 9,500 shares of the stock in a transaction on Tuesday, November 7th. The shares were bought at an average price of $4.24 per share, with a total value of $40,280.00. Following the acquisition, the vice president now owns 15,631 shares of the company’s stock, valued at $66,275.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 74.20% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. purchased a new stake in Apollo Endosurgery in the 3rd quarter valued at approximately $119,000. Woodmont Investment Counsel LLC purchased a new stake in shares of Apollo Endosurgery during the 3rd quarter worth approximately $220,000. Russell Investments Group Ltd. purchased a new stake in shares of Apollo Endosurgery during the 3rd quarter worth approximately $1,288,000. King Luther Capital Management Corp purchased a new stake in shares of Apollo Endosurgery during the 3rd quarter worth approximately $2,567,000. Finally, Stonepine Capital Management LLC purchased a new stake in shares of Apollo Endosurgery during the 3rd quarter worth approximately $11,067,000. 23.67% of the stock is currently owned by institutional investors.

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Apollo Endosurgery Company Profile

Apollo Endosurgery, Inc, formerly Lpath, Inc, is a medical device company. The Company is focused on less invasive therapies for the treatment of obesity, as well as other gastrointestinal disorders. The Company’s device-based therapies are an alternative to invasive surgical procedures. The Company offers products in over 80 countries.

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