Orchestra BioMed’s (OBIO) Buy Rating Reiterated at Chardan Capital

Orchestra BioMed (NASDAQ:OBIO)‘s stock had its “buy” rating restated by equities research analysts at Chardan Capital in a research note issued on Friday, Benzinga reports. They currently have a $20.00 price target on the stock. Chardan Capital‘s price target suggests a potential upside of 257.78% from the company’s current price.

OBIO has been the subject of several other research reports. Piper Sandler restated an “overweight” rating on shares of Orchestra BioMed in a research note on Thursday, October 15th. B. Riley Financial lifted their price target on Orchestra BioMed from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 15th. Weiss Ratings raised Orchestra BioMed from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 10th. Finally, HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Orchestra BioMed in a research report on Monday, October 5th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Orchestra BioMed currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.17.

Orchestra BioMed Price Performance

Shares of Orchestra BioMed stock traded up $0.12 during trading hours on Friday, reaching $5.59. 262,009 shares of the company’s stock were exchanged, compared to its average volume of 280,788. The business has a fifty day moving average of $5.62 and a two-hundred day moving average of $4.60. The company has a market capitalization of $335.96 million, a P/E ratio of -6.58 and a beta of 0.52. The company has a quick ratio of 8.24, a current ratio of 8.26 and a debt-to-equity ratio of 1.80. Orchestra BioMed has a 1 year low of $3.46 and a 1 year high of $6.50.

Orchestra BioMed (NASDAQ:OBIO) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.01. Orchestra BioMed had a negative net margin of 184.60% and a negative return on equity of 149.61%. The business had revenue of $0.09 million during the quarter, compared to analysts’ expectations of $0.14 million. As a group, research analysts predict that Orchestra BioMed will post -1.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Orchestra BioMed news, insider David P. Hochman acquired 10,000 shares of Orchestra BioMed stock in a transaction that occurred on Thursday, September 3rd. The stock was acquired at an average price of $4.79 per share, with a total value of $47,900.00. Following the purchase, the insider owned 1,070,746 shares in the company, valued at approximately $5,128,873.34. This trade represents a 0.94% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Darren Sherman sold 15,000 shares of Orchestra BioMed stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $6.36, for a total transaction of $95,400.00. Following the completion of the transaction, the insider directly owned 1,119,402 shares in the company, valued at approximately $7,119,396.72. This represents a 1.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 45,000 shares of company stock valued at $230,850 over the last 90 days. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OBIO. BlackRock Inc. bought a new stake in shares of Orchestra BioMed during the second quarter worth $10,832,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Orchestra BioMed in the second quarter valued at about $2,771,000. Rice Hall James & Associates LLC acquired a new position in shares of Orchestra BioMed during the 2nd quarter worth about $1,830,000. Knott David M Jr increased its stake in shares of Orchestra BioMed by 1.5% in the 1st quarter. Knott David M Jr now owns 253,651 shares of the company’s stock valued at $1,078,000 after acquiring an additional 3,651 shares during the last quarter. Finally, Flat Footed LLC acquired a new stake in Orchestra BioMed in the second quarter worth $1,084,670. Institutional investors own 53.20% of the company’s stock.

About Orchestra BioMed

Orchestra BioMed Holdings, Inc is a clinical-stage biotechnology and medical device company focused on developing technologies for cardiovascular disease and other high-need medical conditions. The company uses a partnership-driven business model, collaborating with established medical device and healthcare companies to advance products through clinical development and toward commercialization.

Its lead program is BackBeat Cardiac Neuromodulation Therapy, an investigational bioelectronic treatment intended to provide sustained reductions in blood pressure for patients with hypertension.