Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) Sees Large Growth in Short Interest

Key Points

• Short interest in Orchestra BioMed increased by 37.2% in August, rising to 774,200 shares as of August 31st.
• Orchestra BioMed's stock price declined by 2.7% to $2.53, with a market capitalization of approximately $97.77 million.
• Insider activity showed that David P. Hochman purchased 20,000 shares at an average price of $2.75, increasing his ownership by 6.07%.

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO - Get Free Report) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 774,200 shares, an increase of 37.2% from the August 15th total of 564,100 shares. Approximately 1.8% of the company's shares are sold short. Based on an average trading volume of 331,400 shares, the days-to-cover ratio is presently 2.3 days. Based on an average trading volume of 331,400 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.8% of the company's shares are sold short.

Orchestra BioMed Stock Performance

Shares of NASDAQ:OBIO traded down $0.07 on Friday, hitting $2.44. 549,279 shares of the company were exchanged, compared to its average volume of 219,160. Orchestra BioMed has a 1-year low of $2.37 and a 1-year high of $6.50. The stock's 50 day moving average price is $2.78 and its 200 day moving average price is $3.03. The company has a current ratio of 2.10, a quick ratio of 2.09 and a debt-to-equity ratio of 48.76. The firm has a market capitalization of $94.28 million, a P/E ratio of -1.33 and a beta of 0.61.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.50) EPS for the quarter, topping the consensus estimate 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 business had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.78 million. Sell-side analysts predict that Orchestra BioMed will post -1.66 EPS for the current year.

Analysts Set New Price Targets

OBIO has been the topic of a number of research reports. HC Wainwright reduced their target price on shares of Orchestra BioMed from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, September 4th. BTIG Research reaffirmed a "neutral" rating on shares of Orchestra BioMed in a research report on Wednesday, August 20th. Finally, Chardan Capital reaffirmed a "buy" rating and set a $20.00 target price on shares of Orchestra BioMed in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $13.50.

Insider Activity at Orchestra BioMed

In related news, insider David P. Hochman bought 20,000 shares of Orchestra BioMed stock in a transaction dated Monday, August 4th. The shares were acquired at an average cost of $2.75 per share, with a total value of $55,000.00. Following the completion of the transaction, the insider owned 349,331 shares in the company, valued at $960,660.25. The trade was a 6.07% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased 37,760 shares of company stock worth $100,384 over the last 90 days. Company insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Orchestra BioMed

Several institutional investors and hedge funds have recently made changes to their positions in OBIO. The Manufacturers Life Insurance Company lifted its stake in shares of Orchestra BioMed by 11.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,009 shares of the company's stock worth $148,000 after buying an additional 3,704 shares during the period. Northern Trust Corp lifted its stake in shares of Orchestra BioMed by 2.5% during the fourth quarter. Northern Trust Corp now owns 236,761 shares of the company's stock worth $947,000 after buying an additional 5,725 shares during the period. Bank of America Corp DE lifted its stake in shares of Orchestra BioMed by 42.0% during the fourth quarter. Bank of America Corp DE now owns 23,780 shares of the company's stock worth $95,000 after buying an additional 7,036 shares during the period. Millennium Management LLC acquired a new stake in shares of Orchestra BioMed during the fourth quarter worth $86,000. Finally, IFP Advisors Inc lifted its stake in shares of Orchestra BioMed by 106.4% during the first quarter. IFP Advisors Inc now owns 161,921 shares of the company's stock worth $693,000 after buying an additional 83,481 shares during the period. 53.20% of the stock is currently owned by institutional investors and hedge funds.

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.