Obalon Therapeutics (NASDAQ:OBLN) stock is skyrocketing higher on Monday despite a lack of news from the company.
The boost of OBLN stock comes as it experiences heavy trading today. As of this writing, more than 116 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is just roughly 435,000 shares.
With all this trading, investors are surely taking an interest in OBLN stock and likely want to know more about the company. Fortunately, we have a quick primer on Obalon Therapeutics below.
- The company is a medical technology company based out of San Diego.
- Its main focus is on developing and commercializing treatments for weight loss.
- That includes its Obalon Balloon System, which is the first and only swallowable weight loss balloon with FDA approval.
- The ballon comes in the form of a capsule that is swallowed and fills up in the person’s stomach.
- This has the balloon taking up space, which results in patients feeling more full and eating less.
- Obalon Therapeutics allows up to three balloons in a person’s stomach at once.
- After six months, the balloons are removed from the stomach with a simple procedure that takes about 20 minutes.
- Obalon Therapeutics was founded in 2008 and went public in 2016.
- The company’s current market capitalization is $16.71 million.
- William Plovanic serves as the president and CEO of the company and has been doing so since October 2019.
- Prior to that, he joined the company in 2016 as CFO.
OBLN stock was up 93.5% as of noon Monday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.