Barclays Initiates Coverage on Orchestra BioMed (NASDAQ:OBIO)

Barclays started coverage on shares of Orchestra BioMed (NASDAQ:OBIO) in a research note released on Thursday, MarketBeat.com reports. The brokerage issued an overweight rating and a $16.00 price target on the stock.

A number of other research firms have also weighed in on OBIO. Chardan Capital reiterated a “buy” rating and issued a $20.00 price objective on shares of Orchestra BioMed in a research note on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $14.00 price target on shares of Orchestra BioMed in a research report on Friday, November 15th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $15.80.

Orchestra BioMed Stock Up 34.5 %

Orchestra BioMed stock opened at $5.38 on Thursday. The firm has a 50 day moving average price of $5.39 and a 200-day moving average price of $6.03. Orchestra BioMed has a twelve month low of $3.96 and a twelve month high of $10.06. The company has a market capitalization of $204.52 million, a P/E ratio of -3.34 and a beta of 0.44.

Orchestra BioMed (NASDAQ:OBIO) last released its 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 business had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.81 million. Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%. Equities analysts expect that Orchestra BioMed will post -1.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. RTW Investments LP raised its position in Orchestra BioMed by 46.0% during the third quarter. RTW Investments LP now owns 8,206,159 shares of the company’s stock valued at $42,180,000 after purchasing an additional 2,585,519 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Orchestra BioMed by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 567,219 shares of the company’s stock valued at $2,916,000 after purchasing an additional 11,002 shares during the last quarter. State Street Corp raised its holdings in shares of Orchestra BioMed by 12.4% during the 3rd quarter. State Street Corp now owns 429,613 shares of the company’s stock valued at $2,208,000 after buying an additional 47,308 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Orchestra BioMed by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 217,008 shares of the company’s stock worth $1,115,000 after buying an additional 8,107 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake 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 worth $576,000 after buying an additional 37,906 shares in the last quarter. 53.55% of the stock is currently owned by institutional investors.

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.