Orchestra BioMed (NASDAQ:OBIO) Stock Price Down 6.1% - What's Next?

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO - Get Free Report) shares were down 6.1% on Monday . The stock traded as low as $2.59 and last traded at $2.61. Approximately 271,930 shares traded hands during trading, an increase of 83% from the average daily volume of 148,488 shares. The stock had previously closed at $2.78.

Analysts Set New Price Targets

OBIO has been the subject of several recent research reports. HC Wainwright reissued a "buy" rating on shares of Orchestra BioMed in a research report on Wednesday, April 23rd. Chardan Capital reiterated a "buy" rating and issued a $20.00 price objective on shares of Orchestra BioMed in a report on Tuesday, April 22nd. B. Riley upgraded Orchestra BioMed to a "strong-buy" rating in a report on Thursday, April 3rd. Finally, BTIG Research initiated coverage on Orchestra BioMed in a research note on Thursday, March 20th. They set a "buy" rating and a $12.00 price target for the company. 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, the company presently has an average rating of "Buy" and a consensus price target of $15.00.

Orchestra BioMed Trading Down 0.4 %

The stock has a market cap of $104.98 million, a P/E ratio of -1.70 and a beta of 0.62. The firm's fifty day moving average is $3.54 and its 200 day moving average is $4.77.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) last posted its quarterly earnings data on Monday, March 31st. The company reported ($0.43) EPS for the quarter, hitting analysts' consensus estimates of ($0.43). Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%. The business had revenue of $0.25 million for the quarter, compared to analyst estimates of $0.79 million. Research analysts forecast that Orchestra BioMed Holdings, Inc. will post -1.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Orchestra BioMed

Several hedge funds and other institutional investors have recently modified their holdings of OBIO. Geode Capital Management LLC boosted 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 purchasing an additional 5,222 shares during the period. Boxer Capital Management LLC acquired a new position in shares of Orchestra BioMed during the fourth quarter valued at about $953,000. Northern Trust Corp lifted its stake in shares of Orchestra BioMed by 2.5% in the fourth quarter. Northern Trust Corp now owns 236,761 shares of the company's stock valued at $947,000 after buying an additional 5,725 shares during the period. HighTower Advisors LLC grew its position in Orchestra BioMed by 34.3% during the fourth quarter. HighTower Advisors LLC now owns 68,500 shares of the company's stock worth $274,000 after buying an additional 17,500 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Orchestra BioMed by 354.5% during the fourth quarter. JPMorgan Chase & Co. now owns 49,405 shares of the company's stock valued at $198,000 after acquiring an additional 38,535 shares during the period. Institutional investors and hedge funds own 53.55% of the company's stock.

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.