Piper Sandler analyst Adam Maeder upgraded Apollo Endosurgery (APEN) to Overweight from Neutral with a price target of $5, up from $2.

The analyst likes the stock's risk/reward profile with the approval of a COVID-19 vaccine "becoming seemingly closer each day."

Procedure volumes both in Apollo's endoscopic suturing system and intragastric balloon franchise have bounced back better than expected, and the company has made good progress on key operational initiatives, Maeder tells investors in a research note.