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

Chardan Capital restated their buy rating on shares of Orchestra BioMed (NASDAQ:OBIO) in a report issued on Friday,Benzinga reports. They currently have a $20.00 price target on the stock.

Several other equities research analysts also recently commented on the stock. B. Riley Financial upped their price objective on shares of Orchestra BioMed from $10.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. Piper Sandler reiterated an “overweight” rating on shares of Orchestra BioMed in a research note on Thursday, October 15th. Weiss Ratings raised shares of Orchestra BioMed from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $10.00 price target 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, Orchestra BioMed has a consensus rating of “Moderate Buy” and an average target price of $13.17.

Orchestra BioMed Stock Performance

NASDAQ:OBIO opened at $5.59 on Friday. The company has a debt-to-equity ratio of 1.80, a current ratio of 8.26 and a quick ratio of 8.24. The business has a fifty day simple moving average of $5.65 and a two-hundred day simple moving average of $4.61. Orchestra BioMed has a 1 year low of $3.46 and a 1 year high of $6.50. The company has a market capitalization of $335.96 million, a P/E ratio of -6.58 and a beta of 0.52.

Orchestra BioMed (NASDAQ:OBIO) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.01. Orchestra BioMed had a negative return on equity of 149.61% and a negative net margin of 184.60%. The company had revenue of $0.09 million during the quarter, compared to the consensus estimate of $0.14 million. On average, analysts expect that Orchestra BioMed will post -1.53 earnings per share for the current year.

Insiders Place Their Bets

In other Orchestra BioMed news, insider Darren Sherman sold 15,000 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $6.36, for a total value of $95,400.00. Following the completion of the transaction, the insider owned 1,119,402 shares in the company, valued at $7,119,396.72. This trade represents a 1.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David P. Hochman bought 10,000 shares of Orchestra BioMed stock in a transaction on Thursday, September 3rd. The shares were bought at an average cost of $4.79 per share, with a total value of $47,900.00. Following the acquisition, the insider directly owned 1,070,746 shares in the company, valued at approximately $5,128,873.34. This represents a 0.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 45,000 shares of company stock worth $230,850. 7.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Orchestra BioMed

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

Orchestra BioMed Company Profile

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.