Orchestra BioMed (NASDAQ:OBIO) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Orchestra BioMed (NASDAQ:OBIO) released its quarterly earnings results on Tuesday. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.03, Zacks reports. Orchestra BioMed had a negative return on equity of 102.19% and a negative net margin of 2,179.33%. The business had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.81 million.

Orchestra BioMed Stock Up 0.8 %

OBIO traded up $0.05 during midday trading on Thursday, hitting $6.12. The company had a trading volume of 5,616 shares, compared to its average volume of 76,001. The company has a market capitalization of $231.52 million, a price-to-earnings ratio of -3.77 and a beta of 0.42. The stock’s 50 day moving average price is $5.40 and its 200 day moving average price is $6.23. Orchestra BioMed has a 52 week low of $4.22 and a 52 week high of $11.69.

Insider Buying and Selling

In related news, insider Darren Sherman sold 6,804 shares of Orchestra BioMed stock in a transaction on Monday, September 9th. The shares were sold at an average price of $5.48, for a total value of $37,285.92. Following the completion of the sale, the insider now owns 772,691 shares of the company’s stock, valued at approximately $4,234,346.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 24,260 shares of company stock valued at $138,573. 6.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on OBIO. B. Riley began coverage on Orchestra BioMed in a research note on Thursday, July 25th. They set a “buy” rating and a $15.00 price objective on the stock. HC Wainwright started coverage on shares of Orchestra BioMed in a research report on Thursday, August 22nd. They set a “buy” rating and a $14.00 price objective for the company. Finally, Chardan Capital reiterated a “buy” rating and issued a $20.00 price target on shares of Orchestra BioMed in a research note on Wednesday.

About Orchestra BioMed

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.