The Obalon Therapeutics Inc (NASDAQ: OBLN) has been one of the notable gainers among medical technology stocks this year and on Tuesday the rally continues.
Yesterday, the stock soared by as high as 29% in premarket trading and that took its gains for the year to 150%. Considering the stupendous gains made by the stock, it could be worthwhile for investors to keep track of Obalon. There was no news with regards to the company’s business on Tuesday, however, it should be noted that the company is involved in producing medical devices that combat obesity.
It is also important to point out that the company has managed to create a global operation even though the United States remains its most important market at this point. In February, Obalon announced that it merged with ReShape Lifesciences Inc, another company that is involved in the weight loss space. That announcement led to a remarkable 500% rally in the stock. At this point, it could be a good idea for investors to put the stock on their watch lists.
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