Orchestra BioMed (NASDAQ:OBIO) Shares Down 6.1% - Here's Why

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO - Get Free Report) dropped 6.1% during mid-day trading on Monday . The company 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.

Analyst Ratings Changes

Several research firms have commented on OBIO. HC Wainwright reaffirmed a "buy" rating on shares of Orchestra BioMed in a research note on Wednesday, April 23rd. Barclays initiated coverage on shares of Orchestra BioMed in a research report on Thursday, January 2nd. They issued an "overweight" rating and a $16.00 price objective on the stock. B. Riley upgraded shares of Orchestra BioMed to a "strong-buy" rating in a research report on Thursday, April 3rd. BTIG Research started coverage on shares of Orchestra BioMed in a report on Thursday, March 20th. They issued a "buy" rating and a $12.00 target price on the stock. Finally, Chardan Capital reiterated a "buy" rating and set a $20.00 price target on shares of Orchestra BioMed in a research note on Tuesday, April 22nd. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $15.00.

Orchestra BioMed Price Performance

The company has a 50-day simple moving average of $3.62 and a 200-day simple moving average of $4.81. The stock has a market cap of $105.36 million, a PE ratio of -1.71 and a beta of 0.62.

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

Institutional Investors Weigh In On Orchestra BioMed

Several institutional investors have recently modified their holdings of the company. SG Americas Securities LLC raised its holdings in Orchestra BioMed by 26.0% during the fourth quarter. SG Americas Securities LLC now owns 12,785 shares of the company's stock worth $51,000 after purchasing an additional 2,642 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Orchestra BioMed by 43.6% in the fourth quarter. Wells Fargo & Company MN now owns 13,156 shares of the company's stock valued at $53,000 after buying an additional 3,992 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Orchestra BioMed during the 4th quarter worth $86,000. Bank of America Corp DE boosted its position in shares of Orchestra BioMed by 42.0% in the 4th 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 in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Orchestra BioMed by 11.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 37,009 shares of the company's stock valued at $148,000 after acquiring an additional 3,704 shares during the last quarter. Hedge funds and other institutional investors own 53.55% 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.