UPDATE: Stifel Starts Obalon Therapeutics (OBLN) at Buy
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(Updated - October 31, 2016 8:42 AM EDT)
Stifel initiated coverage on Obalon Therapeutics (NASDAQ: OBLN) with a Buy rating and a price target of $18.
Analyst Rick Wise said, "This target ascribes a 4.5x EV/R multiple applied to our 2020E, $96M revenue projection, discounted 18% to year-end 2017. Obalon appears poised for dramatic top-line growth with its highly-differentiated intragastric balloon system, already FDA-approved to treat 30-40 BMI range obese patients. The Obalon Balloon's procedural ease-of use, best-in-class patient tolerability, and excellent clinical data are likely to be compelling adoption-drivers. With US launch slated for early 2017, Obalon clearly still is in the earliest stages of commercialization. Over the next five years, assuming a solid launch and commercial execution, we project a near triple-digit sales CAGR and ultimately ~80% GMs."
Shares of Obalon Therapeutics closed at $13.80 yesterday.
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