Chardan Capital Reaffirms Buy Rating for Orchestra BioMed (NASDAQ:OBIO)

Chardan Capital restated their buy rating on shares of Orchestra BioMed (NASDAQ:OBIO) in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a $20.00 price target on the stock.

A number of other research analysts have also recently commented on the company. B. Riley initiated coverage on Orchestra BioMed in a research note on Thursday, July 25th. They issued a “buy” rating and a $15.00 target price for the company. HC Wainwright assumed coverage on Orchestra BioMed in a research note on Thursday, August 22nd. They issued a “buy” rating and a $14.00 target price for the company.

Orchestra BioMed Price Performance

OBIO opened at $5.84 on Wednesday. Orchestra BioMed has a one year low of $4.22 and a one year high of $11.69. The business has a 50 day simple moving average of $5.42 and a two-hundred day simple moving average of $6.24. The firm has a market capitalization of $222.00 million, a price-to-earnings ratio of -3.63 and a beta of 0.42.

Orchestra BioMed (NASDAQ:OBIO) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.03. The company had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.81 million. Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 107.04%. As a group, sell-side analysts expect that Orchestra BioMed will post -1.67 EPS for the current fiscal year.

Insider Buying and Selling at Orchestra BioMed

In other Orchestra BioMed news, insider Darren Sherman sold 6,819 shares of Orchestra BioMed stock in a transaction on Friday, September 6th. The stock was sold at an average price of $5.65, for a total value of $38,527.35. Following the completion of the sale, the insider now owns 779,495 shares of the company’s stock, valued at approximately $4,404,146.75. This trade represents a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 24,260 shares of company stock worth $138,573. 6.70% of the stock is owned by insiders.

Institutional Trading of Orchestra BioMed

A number of institutional investors and hedge funds have recently modified their holdings of OBIO. RTW Investments LP increased its holdings in shares of Orchestra BioMed by 46.0% in the 3rd quarter. RTW Investments LP now owns 8,206,159 shares of the company’s stock worth $42,180,000 after purchasing an additional 2,585,519 shares in the last quarter. State Street Corp grew its holdings in shares of Orchestra BioMed by 12.4% in the third quarter. State Street Corp now owns 429,613 shares of the company’s stock worth $2,208,000 after acquiring an additional 47,308 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Orchestra BioMed by 115.7% in the second quarter. Bank of New York Mellon Corp now owns 70,682 shares of the company’s stock worth $576,000 after acquiring an additional 37,906 shares during the period. Barclays PLC grew its holdings in shares of Orchestra BioMed by 281.3% in the third quarter. Barclays PLC now owns 31,785 shares of the company’s stock worth $163,000 after acquiring an additional 23,448 shares during the period. Finally, Catalytic Wealth RIA LLC bought a new stake in shares of Orchestra BioMed in the first quarter worth $117,000. Institutional investors own 53.55% of the company’s stock.

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.