Orchestra BioMed (NASDAQ:OBIO) Stock Price Up 1.7% - What's Next?

Shares of Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO - Get Free Report) shot up 1.7% during trading on Wednesday . The company traded as high as $3.01 and last traded at $2.98. 118,256 shares were traded during mid-day trading, a decline of 37% from the average session volume of 188,248 shares. The stock had previously closed at $2.93.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OBIO. B. Riley upgraded shares of Orchestra BioMed to a "strong-buy" rating in a research note on Thursday, April 3rd. Barclays decreased their price objective on shares of Orchestra BioMed from $16.00 to $12.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. BTIG Research initiated coverage on shares of Orchestra BioMed in a research note on Thursday, March 20th. They set a "buy" rating and a $12.00 price objective for the company. Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Orchestra BioMed in a research note on Tuesday, May 13th. Finally, HC Wainwright restated a "buy" rating on shares of Orchestra BioMed in a research note on Wednesday, April 23rd. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $14.20.

Orchestra BioMed Stock Performance

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 stock has a market capitalization of $113.01 million, a PE ratio of -1.66 and a beta of 0.61. The firm's fifty day moving average price is $2.94 and its two-hundred day moving average price is $3.89.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.03). The firm had revenue of $0.87 million for the quarter, compared to analysts' expectations of $0.39 million. Orchestra BioMed had a negative net margin of 2,297.85% and a negative return on equity of 189.26%. As a group, equities research analysts forecast that Orchestra BioMed Holdings, Inc. will post -1.66 EPS for the current year.

Hedge Funds Weigh In On Orchestra BioMed

Several institutional investors have recently made changes to their positions in OBIO. The Manufacturers Life Insurance Company increased its holdings 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 worth $148,000 after acquiring an additional 3,704 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Orchestra BioMed by 43.6% in the 4th quarter. Wells Fargo & Company MN now owns 13,156 shares of the company's stock worth $53,000 after acquiring 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 worth $2,290,000 after acquiring an additional 5,222 shares in the last quarter. Northern Trust Corp increased its holdings in Orchestra BioMed by 2.5% in 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 in the last quarter. Finally, Barclays PLC increased its holdings in Orchestra BioMed by 18.9% in the 4th quarter. Barclays PLC now owns 37,786 shares of the company's stock worth $152,000 after acquiring an additional 6,001 shares in the last quarter. 53.55% of the stock is owned by hedge funds and other institutional investors.

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.