BlackRock Inc. purchased a new stake in Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,510,387 shares of the company's stock, valued at approximately $10,832,000. BlackRock Inc. owned approximately 4.19% of Orchestra BioMed at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Orchestra BioMed by 28.0% during the third quarter. Vanguard Group Inc. now owns 1,481,875 shares of the company's stock valued at $3,675,000 after buying an additional 324,558 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in Orchestra BioMed during the 3rd quarter valued at $3,386,000. Pathstone Holdings LLC purchased a new position in Orchestra BioMed during the 3rd quarter worth $2,495,000. Geode Capital Management LLC lifted its position in shares of Orchestra BioMed by 22.4% during the fourth quarter. Geode Capital Management LLC now owns 473,363 shares of the company's stock valued at $1,965,000 after purchasing an additional 86,564 shares in the last quarter. Finally, Rice Hall James & Associates LLC bought a new stake in Orchestra BioMed in the 2nd quarter worth about $1,830,000. Institutional investors own 53.20% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on OBIO. Piper Sandler reissued an "overweight" rating and issued a $10.00 price target (up from $9.00) on shares of Orchestra BioMed in a report on Tuesday, August 11th. Wall Street Zen cut shares of Orchestra BioMed from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Barclays upped their price target on Orchestra BioMed from $12.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, May 13th. HC Wainwright reiterated a "buy" rating and issued a $10.00 price objective on shares of Orchestra BioMed in a research note on Thursday, May 14th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Orchestra BioMed in a report on Friday, July 17th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Orchestra BioMed presently has an average rating of "Moderate Buy" and an average target price of $13.00.
Read Our Latest Report on Orchestra BioMed
Insider Activity at Orchestra BioMed
In related news, insider Darren Sherman sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $4.94, for a total transaction of $74,100.00. Following the sale, the insider directly owned 1,134,402 shares of the company's stock, valued at approximately $5,603,945.88. This represents a 1.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 7.50% of the company's stock.
Orchestra BioMed Stock Up 7.2%
Shares of OBIO opened at $5.08 on Friday. The company has a current ratio of 8.26, a quick ratio of 8.24 and a debt-to-equity ratio of 1.80. The firm has a market cap of $305.31 million, a P/E ratio of -5.98 and a beta of 0.54. The company's 50-day moving average price is $4.38 and its 200 day moving average price is $4.25. Orchestra BioMed Holdings, Inc. has a 12-month low of $2.20 and a 12-month high of $5.78.
Orchestra BioMed (NASDAQ:OBIO - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.38) earnings per share for the quarter, topping analysts' consensus estimates of ($0.39) by $0.01. The firm had revenue of $0.09 million during 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%. On average, sell-side analysts forecast that Orchestra BioMed Holdings, Inc. will post -1.54 earnings per share for the current year.
Orchestra BioMed Profile
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Free Report)
Orchestra BioMed, Inc NASDAQ: OBIO is a clinical‐stage biopharmaceutical company dedicated to developing targeted therapies for inflammatory, fibrotic and oncologic diseases. The company's research focuses on novel small-molecule programs designed to address high‐unmet-need conditions by leveraging proprietary prodrug and targeted inhibitor platforms. Orchestra BioMed's pipeline includes lead candidates such as OBI-3424, a prodrug activated by AKR1C3 for the treatment of select solid tumors, and next-generation modulators aimed at suppressing pathological inflammation and fibrosis.
Orchestra BioMed conducts early‐ and mid-stage clinical studies in North America, working closely with key opinion leaders and academic centers to advance its programs.
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