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

Chardan Capital reiterated their buy rating on shares of Orchestra BioMed (NASDAQ:OBIO) in a research report sent to investors on Wednesday morning,Benzinga reports. Chardan Capital currently has a $20.00 price objective on the stock.

Other research analysts have also issued reports about the stock. 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 price target for the company. HC Wainwright started coverage on shares of Orchestra BioMed in a research report on Thursday, August 22nd. They issued a “buy” rating and a $14.00 price objective on the stock.

Orchestra BioMed Trading Up 7.2 %

Shares of OBIO stock opened at $6.07 on Wednesday. The company’s fifty day simple moving average is $5.40 and its 200-day simple moving average is $6.23. Orchestra BioMed has a 52 week low of $4.22 and a 52 week high of $11.69. The company has a market cap of $229.63 million, a PE ratio of -3.77 and a beta of 0.42.

Orchestra BioMed (NASDAQ:OBIO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.03. Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 102.19%. The business had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.81 million. Equities research analysts expect that Orchestra BioMed will post -1.67 EPS for the current fiscal year.

Insider Activity

In other Orchestra BioMed news, insider Darren Sherman sold 6,837 shares of Orchestra BioMed stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $6.10, for a total transaction of $41,705.70. Following the completion of the transaction, the insider now directly owns 793,275 shares of the company’s stock, valued at approximately $4,838,977.50. This trade represents a 0.00 % 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 this link. Over the last three months, insiders sold 24,260 shares of company stock valued at $138,573. 6.70% of the stock is owned by company insiders.

Institutional Trading of Orchestra BioMed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in Orchestra BioMed by 115.7% during 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 during the last quarter. Catalytic Wealth RIA LLC bought a new stake in Orchestra BioMed in the 1st quarter valued at approximately $117,000. SkyView Investment Advisors LLC acquired a new position in shares of Orchestra BioMed during the 2nd quarter worth approximately $163,000. Rhumbline Advisers increased its position in shares of Orchestra BioMed by 192.7% during 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 last quarter. Finally, ABLE Financial Group LLC acquired a new position in shares of Orchestra BioMed during the 3rd quarter worth approximately $69,000. 53.55% of the stock is currently owned by institutional investors and hedge funds.

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.