Orchestra BioMed (NASDAQ:OBIO) Given "Buy" Rating at Chardan Capital

Key Points

• Orchestra BioMed (NASDAQ:OBIO) has received a "Buy" rating from Chardan Capital, with a target price set at $20.00.
• Despite positive analyst ratings, the stock has recently experienced a 2.2% decline, reaching a price of $2.66 during trading hours.
• Insider David P. Hochman purchased 20,000 shares of Orchestra BioMed at an average cost of $2.75 per share, increasing his holdings by 6.07%.

Chardan Capital reiterated their buy rating on shares of Orchestra BioMed (NASDAQ:OBIO - Free Report) in a report issued on Wednesday morning,Benzinga reports. Chardan Capital currently has a $20.00 price target on the stock.

Several other brokerages also recently weighed in on OBIO. HC Wainwright restated a "buy" rating on shares of Orchestra BioMed in a research note on Wednesday, April 23rd. Barclays cut their price target on Orchestra BioMed from $16.00 to $12.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Orchestra BioMed currently has an average rating of "Buy" and an average target price of $14.00.

Orchestra BioMed Stock Performance

Shares of NASDAQ OBIO traded up $0.06 during trading hours on Wednesday, hitting $2.63. 348,576 shares of the stock were exchanged, compared to its average volume of 403,624. Orchestra BioMed has a one year low of $2.37 and a one year high of $7.04. The company's 50 day moving average is $2.96 and its 200 day moving average is $3.45. The company has a debt-to-equity ratio of 48.76, a current ratio of 2.10 and a quick ratio of 2.09. The firm has a market capitalization of $101.62 million, a P/E ratio of -1.44 and a beta of 0.62.

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

Insider Buying and Selling at Orchestra BioMed

In other news, insider David P. Hochman purchased 20,000 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were purchased at an average cost of $2.75 per share, for a total transaction of $55,000.00. Following the completion of the purchase, the insider directly owned 349,331 shares of the company's stock, valued at approximately $960,660.25. The trade was a 6.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.10% of the company's stock.

Institutional Trading of Orchestra BioMed

Hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its position 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 valued at $148,000 after purchasing an additional 3,704 shares during the period. Wells Fargo & Company MN boosted its stake in Orchestra BioMed by 43.6% during the fourth quarter. Wells Fargo & Company MN now owns 13,156 shares of the company's stock worth $53,000 after buying an additional 3,992 shares in the last quarter. Geode Capital Management LLC increased its holdings in Orchestra BioMed by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 572,441 shares of the company's stock valued at $2,290,000 after buying an additional 5,222 shares during the period. Bank of America Corp DE raised its stake in shares of Orchestra BioMed by 35.7% in the 2nd quarter. Bank of America Corp DE now owns 21,577 shares of the company's stock valued at $58,000 after buying an additional 5,678 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Orchestra BioMed by 2.5% during the 4th quarter. Northern Trust Corp now owns 236,761 shares of the company's stock worth $947,000 after acquiring an additional 5,725 shares during the period. Institutional investors own 53.20% of the company's stock.

Orchestra BioMed Company Profile

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.