Insider Buying: Orchestra BioMed (NASDAQ:OBIO) Insider Acquires 6,000 Shares of Stock

Key Points

• Insider David Hochman acquired 6,000 shares of Orchestra BioMed stock at an average price of $2.49, increasing his ownership by 0.93% to a total of 651,460 shares.
• Orchestra BioMed reported a quarterly earnings per share (EPS) of ($0.50), slightly beating analysts' expectations, while the company had revenue of $0.84 million during the same period.
• Analysts have mixed views on the stock, with a consensus rating of "Buy" and a target price of $14.00, though Barclays recently lowered its price objective from $16.00 to $12.00.

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO - Get Free Report) insider David P. Hochman acquired 6,000 shares of Orchestra BioMed stock in a transaction that occurred on Thursday, August 21st. The stock was purchased at an average cost of $2.49 per share, for a total transaction of $14,940.00. Following the completion of the transaction, the insider directly owned 651,460 shares in the company, valued at $1,622,135.40. This trade represents a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Orchestra BioMed Trading Up 0.7%

Orchestra BioMed stock traded up $0.02 during midday trading on Friday, reaching $2.73. The stock had a trading volume of 123,956 shares, compared to its average volume of 501,123. The company has a quick ratio of 2.09, a current ratio of 2.10 and a debt-to-equity ratio of 48.76. Orchestra BioMed Holdings, Inc. has a 52-week low of $2.37 and a 52-week high of $7.04. The firm has a market cap of $105.49 million, a price-to-earnings ratio of -1.49 and a beta of 0.62. The company has a fifty day moving average of $2.87 and a 200 day moving average of $3.28.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.50) earnings per share for the quarter, topping analysts' consensus estimates of ($0.51) by $0.01. Orchestra BioMed had a negative net margin of 2,367.49% and a negative return on equity of 289.42%. The company had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.78 million. On average, analysts anticipate that Orchestra BioMed Holdings, Inc. will post -1.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Orchestra BioMed

Hedge funds have recently added to or reduced their stakes in the stock. Catalyst Funds Management Pty Ltd bought a new position in Orchestra BioMed in the 2nd quarter worth about $31,000. Wells Fargo & Company MN boosted its stake in shares of Orchestra BioMed by 43.6% during the fourth quarter. Wells Fargo & Company MN now owns 13,156 shares of the company's stock valued at $53,000 after purchasing an additional 3,992 shares in the last quarter. Creative Planning bought a new position in shares of Orchestra BioMed during the second quarter valued at approximately $40,000. XTX Topco Ltd bought a new position in shares of Orchestra BioMed during the second quarter valued at approximately $45,000. Finally, Jane Street Group LLC bought a new position in shares of Orchestra BioMed during the second quarter valued at approximately $50,000. 53.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OBIO has been the topic of a number of recent analyst reports. Chardan Capital reissued a "buy" rating and issued a $20.00 price objective on shares of Orchestra BioMed in a research report on Wednesday, August 13th. Barclays dropped their target price on shares of Orchestra BioMed from $16.00 to $12.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. Finally, BTIG Research restated a "neutral" rating on shares of Orchestra BioMed in a research note on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $14.00.

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.