Orchestra BioMed (NASDAQ:OBIO) Releases Earnings Results, Misses Expectations By $0.03 EPS

Orchestra BioMed (NASDAQ:OBIO) released its quarterly earnings results on Monday. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.03), Zacks reports. Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%. The company had revenue of $0.87 million for the quarter, compared to analyst estimates of $0.39 million.

Orchestra BioMed Stock Up 5.5%

Shares of Orchestra BioMed stock traded up $0.15 during trading on Tuesday, reaching $2.80. 4,249 shares of the stock were exchanged, compared to its average volume of 160,291. Orchestra BioMed has a 1 year low of $2.37 and a 1 year high of $8.87. The stock’s fifty day moving average is $3.32 and its 200 day moving average is $4.63. The firm has a market cap of $107.08 million, a price-to-earnings ratio of -1.72 and a beta of 0.67.

Hedge Funds Weigh In On Orchestra BioMed

An institutional investor recently raised its position in Orchestra BioMed stock. Bank of America Corp DE raised its holdings in shares of Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) by 42.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,780 shares of the company’s stock after acquiring an additional 7,036 shares during the quarter. Bank of America Corp DE owned approximately 0.06% of Orchestra BioMed worth $95,000 as of its most recent SEC filing. 53.55% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on OBIO. BTIG Research started coverage on Orchestra BioMed in a research note on Thursday, March 20th. They issued a “buy” rating and a $12.00 price target for the company. Chardan Capital reaffirmed a “buy” rating and issued a $20.00 target price on shares of Orchestra BioMed in a research report on Tuesday, April 22nd. Barclays reduced their price objective on Orchestra BioMed from $16.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. HC Wainwright restated a “buy” rating on shares of Orchestra BioMed in a research report on Wednesday, April 23rd. Finally, B. Riley raised Orchestra BioMed to a “strong-buy” rating in a report on Thursday, April 3rd. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $14.20.

Orchestra BioMed Company Profile

Orchestra BioMed Holdings, Inc operates as a biomedical innovation company. The company’s flagship product candidates include BackBeat Cardiac Neuromodulation Therapy (CNT) for the treatment of hypertension (HTN); and Virtue Sirolimus AngioInfusion Balloon (SAB) for the treatment of atherosclerotic artery disease.