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

Orchestra BioMed (NASDAQ:OBIO)‘s stock had its “buy” rating reaffirmed by research analysts at Chardan Capital in a report released on Wednesday,Benzinga reports. They currently have a $20.00 target price on the stock. Chardan Capital’s target price would suggest a potential upside of 222.06% from the company’s previous close.

Other research analysts also recently issued research reports about the company. HC Wainwright began coverage on Orchestra BioMed in a research note on Thursday, August 22nd. They set a “buy” rating and a $14.00 price target for the company. B. Riley began coverage on shares of Orchestra BioMed in a research report on Thursday, July 25th. They issued a “buy” rating and a $15.00 price target on the stock.

Orchestra BioMed Trading Up 2.3 %

Shares of Orchestra BioMed stock opened at $6.21 on Wednesday. The company has a 50-day moving average of $5.40 and a two-hundred day moving average of $6.23. Orchestra BioMed has a 12-month low of $4.22 and a 12-month high of $11.69. The stock has a market cap of $234.92 million, a PE ratio of -3.77 and a beta of 0.42.

Orchestra BioMed (NASDAQ:OBIO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.03. The firm 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 102.19% and a negative net margin of 2,179.33%. On average, sell-side analysts forecast that Orchestra BioMed will post -1.67 EPS for the current fiscal year.

Insider Activity at Orchestra BioMed

In related news, insider Darren Sherman sold 6,837 shares of the company’s stock in a transaction that occurred 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 represents a 0.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 24,260 shares of company stock valued at $138,573 over the last quarter. Insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OBIO. The Manufacturers Life Insurance Company grew its holdings in Orchestra BioMed by 8.4% in the second quarter. The Manufacturers Life Insurance Company now owns 42,082 shares of the company’s stock valued at $343,000 after purchasing an additional 3,245 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Orchestra BioMed by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 217,008 shares of the company’s stock valued at $1,115,000 after buying an additional 8,107 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Orchestra BioMed during the 3rd quarter worth $52,000. ABLE Financial Group LLC purchased a new position in shares of Orchestra BioMed in the 3rd quarter worth $69,000. Finally, Rhumbline Advisers boosted its holdings in Orchestra BioMed by 192.7% in the second quarter. Rhumbline Advisers now owns 26,439 shares of the company’s stock valued at $215,000 after acquiring an additional 17,405 shares during the last quarter. 53.55% of the stock is currently owned by institutional investors and hedge funds.

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.