Obalon Therapeutics Inc (OBLN) Stock Jumps 55%: A Breakout On The Way?

Obalon Therapeutics Inc (OBLN) stock is having a wonderful session as the stock continues to move higher after gaining momentum earlier this week.

Obalon Therapeutics Inc (OBLN) Stock Jumps 55%: A Breakout On The Way?

After spending the morning session with an 8-9% jump, the stock moved up further in the afternoon session and trading as high as 56% at $4.11 after hitting a session high of $4.79. The stock has already gained over 72% so far this week.

Today’s buying interest is driven by the news that the company urged its stockholders to vote in favor of the proposed merger with ReShape Lifesciences (OTCQB:RSLS). The company warned that without the required stockholder approval, the merger will not be completed, which could have a material adverse effect on Obalon and its stock price.

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After the completion of the merger, Obalon stockholders will own about 49% of the stock of the combined company.

 

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.