Orchestra BioMed (NASDAQ:OBIO) Announces Quarterly Earnings Results

Orchestra BioMed (NASDAQ:OBIO) posted its quarterly earnings data on Tuesday. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.03, Zacks reports. Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 107.04%. The firm had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $0.81 million.

Orchestra BioMed Trading Up 2.3 %

NASDAQ OBIO opened at $6.21 on Friday. The business’s 50-day moving average price is $5.40 and its 200 day moving average price is $6.23. Orchestra BioMed has a twelve month low of $4.22 and a twelve month high of $11.69.

Insider Activity

In related 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 transaction, the insider now owns 779,495 shares in the company, valued at approximately $4,404,146.75. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 24,260 shares of company stock valued at $138,573 in the last 90 days. 6.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

OBIO has been the topic of a number of analyst reports. Chardan Capital reaffirmed a “buy” rating and issued a $20.00 price target on shares of Orchestra BioMed in a research report on Wednesday. B. Riley initiated coverage on shares of Orchestra BioMed in a report on Thursday, July 25th. They issued a “buy” rating and a $15.00 target price on the stock. Finally, HC Wainwright initiated coverage on Orchestra BioMed in a research note on Thursday, August 22nd. They set a “buy” rating and a $14.00 price target on the 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.