Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) Sees Large Decline in Short Interest

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) was the target of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 474,000 shares, a drop of 35.7% from the January 15th total of 736,700 shares. Currently, 1.8% of the shares of the stock are sold short. Based on an average daily volume of 97,000 shares, the days-to-cover ratio is presently 4.9 days.

Orchestra BioMed Trading Up 1.3 %

Shares of NASDAQ OBIO opened at $5.67 on Friday. The business has a 50-day moving average of $5.24 and a 200-day moving average of $5.54. The firm has a market capitalization of $215.52 million, a price-to-earnings ratio of -3.52 and a beta of 0.57. Orchestra BioMed has a 12 month low of $3.96 and a 12 month high of $8.87.

Hedge Funds Weigh In On Orchestra BioMed

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC raised its position in shares of Orchestra BioMed by 26.0% during the 4th quarter. SG Americas Securities LLC now owns 12,785 shares of the company’s stock valued at $51,000 after buying an additional 2,642 shares in the last quarter. Wells Fargo & Company MN raised its position in Orchestra BioMed by 43.6% during the fourth quarter. Wells Fargo & Company MN now owns 13,156 shares of the company’s stock valued at $53,000 after purchasing an additional 3,992 shares in the last quarter. ABLE Financial Group LLC bought a new stake in Orchestra BioMed during the third quarter worth about $69,000. The Manufacturers Life Insurance Company lifted its stake in Orchestra BioMed by 11.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,009 shares of the company’s stock worth $148,000 after purchasing an additional 3,704 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of Orchestra BioMed by 18.9% in the 4th quarter. Barclays PLC now owns 37,786 shares of the company’s stock worth $152,000 after purchasing an additional 6,001 shares in the last quarter. Hedge funds and other institutional investors own 53.55% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OBIO. HC Wainwright reissued a “buy” rating and issued a $14.00 price target on shares of Orchestra BioMed in a report on Friday, November 15th. Barclays assumed coverage on shares of Orchestra BioMed in a research note on Thursday, January 2nd. They issued an “overweight” rating and a $16.00 target price on the stock. Finally, Chardan Capital reissued a “buy” rating and issued a $20.00 price target on shares of Orchestra BioMed in a report on Wednesday, November 13th.

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.