Orchestra BioMed (NASDAQ:OBIO) Given Buy Rating at Chardan Capital

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

A number of other equities research analysts also recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Orchestra BioMed in a research report on Monday, October 5th. Weiss Ratings upgraded shares of Orchestra BioMed from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 10th. B. Riley Financial lifted their price target on shares of Orchestra BioMed from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Orchestra BioMed in a research report on Thursday, October 15th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Orchestra BioMed has a consensus rating of “Moderate Buy” and an average target price of $13.17.

Orchestra BioMed Price Performance

Shares of NASDAQ OBIO traded up $0.12 during midday trading on Friday, reaching $5.59. The company’s stock had a trading volume of 262,009 shares, compared to its average volume of 280,788. The company has a debt-to-equity ratio of 1.80, a quick ratio of 8.24 and a current ratio of 8.26. Orchestra BioMed has a fifty-two week low of $3.46 and a fifty-two week high of $6.50. The business’s 50 day moving average price is $5.65 and its two-hundred day moving average price is $4.61. The company has a market cap of $335.96 million, a P/E ratio of -6.58 and a beta of 0.52.

Orchestra BioMed (NASDAQ:OBIO) last released 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 company had revenue of $0.09 million during the quarter, compared to the consensus estimate of $0.14 million. On average, analysts forecast that Orchestra BioMed will post -1.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Orchestra BioMed news, insider Darren Sherman sold 15,000 shares of the business’s stock in a transaction 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 sale, the insider owned 1,119,402 shares of the company’s stock, valued at approximately $7,119,396.72. The trade was a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Hochman bought 10,000 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were bought at an average cost of $4.79 per share, for a total transaction of $47,900.00. Following the purchase, the insider owned 1,070,746 shares of the company’s stock, valued at approximately $5,128,873.34. The trade was a 0.94% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have sold 45,000 shares of company stock worth $230,850. Insiders own 7.50% of the company’s stock.

Institutional Trading of Orchestra BioMed

A number of hedge funds and other institutional investors have recently modified their holdings of OBIO. Rice Hall James & Associates LLC bought a new stake in shares of Orchestra BioMed in the first quarter worth $81,000. Canada Pension Plan Investment Board bought a new stake in shares of Orchestra BioMed in the second quarter worth $91,000. Cannon Global Investment Management LLC bought a new stake in shares of Orchestra BioMed in the first quarter worth $96,000. Bank of America Corp DE bought a new stake in shares of Orchestra BioMed in the second quarter worth $103,000. Finally, AXQ Capital LP bought a new stake in shares of Orchestra BioMed in the second quarter worth $110,000. 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.