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%.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report)'s stock had its "buy" rating restated by research analysts at Chardan Capital in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $20.00 target price on the stock.

Several other equities research analysts have also issued reports on the company. HC Wainwright reaffirmed a "buy" rating on shares of Orchestra BioMed in a research report 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 research note on Monday, May 5th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $14.00.

Orchestra BioMed Stock Down 2.2%

Shares of OBIO traded down $0.06 during trading hours on Wednesday, reaching $2.66. The stock had a trading volume of 423,284 shares, compared to its average volume of 296,927. Orchestra BioMed has a 12 month low of $2.37 and a 12 month high of $7.04. The firm has a 50-day simple moving average of $3.01 and a 200 day simple moving average of $3.54. The company has a current ratio of 3.35, a quick ratio of 3.34 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $102.78 million, a price-to-earnings ratio of -1.49 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) EPS for the quarter, beating analysts' consensus estimates of ($0.51) by $0.01. The business had revenue of $0.84 million during the quarter, compared to analyst estimates of $0.78 million. Orchestra BioMed had a negative return on equity of 189.26% and a negative net margin of 2,297.85%. Equities research analysts predict that Orchestra BioMed will post -1.66 earnings per share for the current fiscal year.

Insider Activity

In other news, insider David P. Hochman purchased 20,000 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were bought at an average cost of $2.75 per share, for a total transaction of $55,000.00. Following the completion of the transaction, the insider directly owned 349,331 shares of the company's stock, valued at $960,660.25. This trade represents a 6.07% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 8.10% of the company's stock.

Institutional Investors 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 shares of Orchestra BioMed during the second quarter valued at $31,000. Wells Fargo & Company MN increased its position in Orchestra BioMed by 43.6% in 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. Creative Planning purchased a new stake in shares of Orchestra BioMed during the second quarter worth about $40,000. XTX Topco Ltd purchased a new stake in shares of Orchestra BioMed during the second quarter worth about $45,000. Finally, Deutsche Bank AG grew its position in shares of Orchestra BioMed by 67.3% during the first quarter. Deutsche Bank AG now owns 20,219 shares of the company's stock worth $87,000 after purchasing an additional 8,134 shares in the last quarter. 53.20% of the stock is owned by institutional investors.

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.

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