B. Riley Financial Issues Positive Forecast for Orchestra BioMed (NASDAQ:OBIO) Stock Price

Key Points

• B. Riley Financial raised its price target for Orchestra BioMed to $11 from $10 and maintained a “Buy” rating, implying approximately 85% upside from the stock’s $5.95 price. Analysts overall hold a “Moderate Buy” consensus with an average target of $13.17.
• Orchestra BioMed reported a quarterly loss of $0.38 per share, slightly better than the $0.39 consensus estimate, but revenue of $0.09 million fell short of expectations. Analysts forecast a full-year loss of $1.54 per share.
• Institutional ownership expanded, with BlackRock and other investors establishing new positions; institutions and hedge funds now own 53.2% of the company. Recent insider activity included a 15,000-share sale and a 10,000-share purchase.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) had its target price increased by research analysts at B. Riley Financial from $10.00 to $11.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley Financial's price objective would suggest a potential upside of 84.87% from the company's current price.

Several other analysts have also recently weighed in on the stock. Weiss Ratings upgraded shares of Orchestra BioMed from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday. B Riley reaffirmed a "buy" rating on shares of Orchestra BioMed in a research note on Tuesday. Finally, Piper Sandler reiterated an "overweight" rating and issued a $10.00 price objective (up from $9.00) on shares of Orchestra BioMed in a report on Tuesday, August 11th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $13.17.

Orchestra BioMed Price Performance

Shares of NASDAQ:OBIO traded up $0.05 on Tuesday, hitting $5.95. The company's stock had a trading volume of 58,664 shares, compared to its average volume of 268,543. The company has a 50-day simple moving average of $4.54 and a 200 day simple moving average of $4.32. Orchestra BioMed has a 1 year low of $2.20 and a 1 year high of $6.25. The company has a market capitalization of $357.62 million, a PE ratio of -7.00 and a beta of 0.54. The company has a debt-to-equity ratio of 1.80, a current ratio of 8.26 and a quick ratio of 8.24.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.01. The company had revenue of $0.09 million for the quarter, compared to analysts' expectations of $0.14 million. Orchestra BioMed had a negative net margin of 184.60% and a negative return on equity of 149.61%. Sell-side analysts forecast that Orchestra BioMed will post -1.54 EPS for the current fiscal year.

Insider Transactions at Orchestra BioMed

In other news, insider Darren Sherman sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $4.94, for a total value of $74,100.00. Following the transaction, the insider owned 1,134,402 shares in the company, valued at approximately $5,603,945.88. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David P. Hochman purchased 10,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were purchased at an average price of $4.79 per share, with a total value of $47,900.00. Following the completion of the acquisition, the insider directly owned 1,070,746 shares in the company, valued at $5,128,873.34. The trade was a 0.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 7.50% of the company's stock.

Institutional Trading of Orchestra BioMed

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Orchestra BioMed during the second quarter valued at approximately $10,832,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Orchestra BioMed in the second quarter valued at $2,771,000. Rice Hall James & Associates LLC bought a new stake in Orchestra BioMed in the second quarter valued at $1,830,000. Flat Footed LLC purchased a new position in Orchestra BioMed during the 2nd quarter valued at $1,084,670. Finally, Simplify Asset Management Inc. bought a new position in Orchestra BioMed in the 1st quarter worth $932,000. 53.20% of the stock is currently owned by hedge funds and other institutional investors.

About Orchestra BioMed

Orchestra BioMed Holdings, Inc is a clinical-stage healthcare company developing products for the treatment of cardiovascular and other serious medical conditions. The company uses a partnership-oriented business model, working with medical device and healthcare companies to advance novel therapies toward commercialization.

Orchestra BioMed's leading program is BackBeat Cardiac Neuromodulation Therapy, an investigational device-based treatment designed to provide sustained reductions in blood pressure for patients with hypertension.

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