Orchestra BioMed (NASDAQ:OBIO) Given Buy Rating at Chardan Capital

Orchestra BioMed (NASDAQ:OBIO)‘s stock had its “buy” rating restated by equities research analysts at Chardan Capital in a note issued to investors on Wednesday,Benzinga reports. They presently have a $20.00 price target on the stock. Chardan Capital’s target price indicates a potential upside of 229.49% from the company’s previous close.

Several other brokerages also recently commented on OBIO. B. Riley began coverage on Orchestra BioMed in a report on Thursday, July 25th. They issued a “buy” rating and a $15.00 target price on the stock. HC Wainwright started coverage on Orchestra BioMed in a research note on Thursday, August 22nd. They issued a “buy” rating and a $14.00 price objective on the stock.

Orchestra BioMed Stock Performance

Shares of NASDAQ OBIO traded up $0.41 during midday trading on Wednesday, reaching $6.07. 64,114 shares of the company traded hands, compared to its average volume of 76,321. The stock’s 50-day simple moving average is $5.40 and its 200-day simple moving average is $6.23. Orchestra BioMed has a 12 month low of $4.22 and a 12 month high of $11.69. The firm 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 announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.41) earnings per share (EPS) 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 net margin of 2,179.33% and a negative return on equity of 102.19%. On average, equities research analysts expect that Orchestra BioMed will post -1.67 EPS for the current year.

Insider Buying and Selling

In other news, insider Darren Sherman sold 6,819 shares of Orchestra BioMed stock in a transaction on Friday, September 6th. The stock was sold at an average price of $5.65, for a total value of $38,527.35. Following the completion of the sale, the insider now directly owns 779,495 shares of the company’s stock, valued at approximately $4,404,146.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 24,260 shares of company stock worth $138,573 in the last quarter. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Orchestra BioMed

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC acquired a new position in Orchestra BioMed in the third quarter valued at approximately $52,000. ABLE Financial Group LLC acquired a new position in shares of Orchestra BioMed in the 3rd quarter valued at $69,000. Catalytic Wealth RIA LLC bought a new position in shares of Orchestra BioMed in the 1st quarter worth $117,000. SkyView Investment Advisors LLC acquired a new stake in shares of Orchestra BioMed during the second quarter worth $163,000. Finally, Rhumbline Advisers increased 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 purchasing an additional 17,405 shares during the last quarter. Institutional investors and hedge funds own 53.55% of the company’s stock.

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.