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

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

OBIO has been the topic of several other reports. HC Wainwright started coverage on shares of Orchestra BioMed in a research note on Thursday, August 22nd. They issued a “buy” rating and a $14.00 target price on the stock. B. Riley started coverage on shares of Orchestra BioMed in a research note on Thursday, July 25th. They issued a “buy” rating and a $15.00 target price on the stock.

Orchestra BioMed Trading Down 6.0 %

Shares of NASDAQ OBIO opened at $5.84 on Wednesday. The firm’s 50-day moving average price is $5.42 and its 200-day moving average price is $6.24. The firm has a market capitalization of $222.00 million, a P/E ratio of -3.63 and a beta of 0.42. Orchestra BioMed has a 1-year low of $4.22 and a 1-year high of $11.69.

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

Insider Activity

In related news, insider Darren Sherman sold 6,837 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $6.10, for a total transaction of $41,705.70. Following the transaction, the insider now owns 793,275 shares of the company’s stock, valued at approximately $4,838,977.50. This trade represents a 0.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 24,260 shares of company stock worth $138,573. 6.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Orchestra BioMed

Institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its stake in shares of Orchestra BioMed by 8.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 42,082 shares of the company’s stock valued at $343,000 after acquiring an additional 3,245 shares during the last quarter. Rhumbline Advisers increased its stake in Orchestra BioMed by 192.7% in the 2nd quarter. Rhumbline Advisers now owns 26,439 shares of the company’s stock worth $215,000 after purchasing an additional 17,405 shares during the period. Bank of New York Mellon Corp lifted its position in 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 valued at $576,000 after purchasing an additional 37,906 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Orchestra BioMed during the third quarter valued at approximately $52,000. Finally, Catalytic Wealth RIA LLC bought a new position in shares of Orchestra BioMed in the first quarter worth approximately $117,000. 53.55% of the stock is currently owned by hedge funds and other institutional investors.

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.