Orchestra BioMed (NASDAQ:OBIO) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Orchestra BioMed reported a quarterly EPS of ($0.50), beating analysts' expectations of ($0.51) by $0.01.
• The company's revenue for the quarter was $0.84 million, exceeding the consensus estimate of $0.78 million.
• Research analysts have varying price targets for the stock, with a consensus target of $14.00 and ratings indicating a general optimism towards its performance.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.01, Zacks reports. 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 during the quarter, compared to analyst estimates of $0.78 million.

Orchestra BioMed Stock Down 3.4%

NASDAQ:OBIO traded down $0.09 on Friday, hitting $2.57. The company had a trading volume of 238,661 shares, compared to its average volume of 403,624. 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 50 day moving average of $2.98 and a two-hundred day moving average of $3.48. Orchestra BioMed has a 52 week low of $2.37 and a 52 week high of $7.04.

Insider Activity

In other Orchestra BioMed news, insider David P. Hochman purchased 20,000 shares of the company's stock in a transaction dated Monday, August 4th. The stock was purchased at an average price of $2.75 per share, with a total value of $55,000.00. Following the completion of the purchase, the insider owned 349,331 shares of the company's stock, valued at approximately $960,660.25. The trade was a 6.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 8.10% of the company's stock.

Hedge Funds Weigh In On Orchestra BioMed

A number of hedge funds have recently bought and sold shares of OBIO. Marshall Wace LLP bought a new position in Orchestra BioMed during the second quarter worth $133,000. NewEdge Advisors LLC acquired a new stake in Orchestra BioMed in the second quarter worth $118,000. Tower Research Capital LLC TRC grew its holdings in Orchestra BioMed by 1,137.7% in the second quarter. Tower Research Capital LLC TRC now owns 27,922 shares of the company's stock worth $75,000 after purchasing an additional 25,666 shares during the period. Bridgeway Capital Management LLC acquired a new position in shares of Orchestra BioMed during the second quarter valued at about $67,000. Finally, Jane Street Group LLC bought a new position in shares of Orchestra BioMed during the second quarter valued at about $50,000. Institutional investors own 53.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on OBIO shares. Chardan Capital reissued a "buy" rating and set a $20.00 price target on shares of Orchestra BioMed in a research report on Wednesday. HC Wainwright reissued a "buy" rating on shares of Orchestra BioMed in a research report on Wednesday, April 23rd. Finally, Barclays cut their price target on shares of Orchestra BioMed from $16.00 to $12.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $14.00.

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.