Orchestra BioMed (NASDAQ:OBIO) Issues Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Orchestra BioMed reported a quarterly loss of $0.30 per share, beating analyst expectations of a $0.40 loss by $0.10. Revenue was $90,000, below the $130,000 consensus estimate.
• Shares traded at $5.73, near their 50-day average of $5.75. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $13.17.
• Company insiders bought a net 13,000 shares over the past 90 days; recent purchases included a director’s 20,000-share acquisition for $100,000.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.30) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10, FiscalAI reports. Orchestra BioMed had a negative net margin of 184.60% and a negative return on equity of 149.61%. The firm had revenue of $0.09 million during the quarter, compared to the consensus estimate of $0.13 million.

Orchestra BioMed Price Performance

Shares of OBIO stock traded up $0.03 during midday trading on Tuesday, reaching $5.73. 461,859 shares of the company traded hands, compared to its average volume of 290,872. The firm's 50 day simple moving average is $5.75 and its two-hundred day simple moving average is $4.58. Orchestra BioMed has a 1-year low of $3.46 and a 1-year high of $6.50. The company has a debt-to-equity ratio of 1.80, a current ratio of 8.26 and a quick ratio of 8.24. The firm has a market cap of $344.37 million, a PE ratio of -6.74 and a beta of 0.56.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. HC Wainwright reissued a "buy" rating and set a $10.00 target price on shares of Orchestra BioMed in a research note on Monday, October 5th. B. Riley Financial lifted their price target on Orchestra BioMed from $10.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday, September 15th. Weiss Ratings upgraded Orchestra BioMed from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, September 10th. Chardan Capital reaffirmed a "buy" rating and set a $20.00 price objective on shares of Orchestra BioMed in a report on Friday, October 23rd. Finally, Piper Sandler reiterated an "overweight" rating on shares of Orchestra BioMed in a research report on Thursday, October 15th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Orchestra BioMed has an average rating of "Moderate Buy" and a consensus target price of $13.17.

Insider Transactions at Orchestra BioMed

In other news, Director Eric S. Fain acquired 20,000 shares of Orchestra BioMed stock in a transaction that occurred on Monday, November 9th. The stock was purchased at an average cost of $5.00 per share, with a total value of $100,000.00. Following the completion of the acquisition, the director owned 119,630 shares in the company, valued at $598,150. This trade represents a 20.07% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David P. Hochman acquired 10,000 shares of Orchestra BioMed stock in a transaction that occurred on Thursday, September 3rd. The shares were purchased at an average cost of $4.79 per share, with a total value of $47,900.00. Following the completion of the acquisition, the insider owned 1,070,746 shares of the company's stock, valued at $5,128,873.34. The trade was a 0.94% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 58,000 shares of company stock worth $288,560 and have sold 45,000 shares worth $255,600. Company insiders own 7.50% of the company's stock.

Orchestra BioMed Company Profile

Orchestra BioMed Holdings, Inc. is a clinical-stage biotechnology and medical device company focused on developing technologies for cardiovascular disease and other high-need medical conditions. The company uses a partnership-driven business model, collaborating with established medical device and healthcare companies to advance products through clinical development and toward commercialization. Its lead program is BackBeat Cardiac Neuromodulation Therapy, an investigational bioelectronic treatment intended to provide sustained reductions in blood pressure for patients with hypertension.

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