Orchestra BioMed (NASDAQ:OBIO) Trading Up 1.7% - Here's What Happened

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

Analysts Set New Price Targets

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

Orchestra BioMed Price Performance

The firm has a market cap of $111.87 million, a P/E ratio of -1.64 and a beta of 0.61. The firm's fifty day simple moving average is $2.95 and its 200 day simple moving average is $3.88. The company has a debt-to-equity ratio of 0.85, a quick ratio of 3.34 and a current ratio of 3.35.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.49) EPS for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.03). The firm had revenue of $0.87 million for the quarter, compared to the consensus estimate 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, analysts forecast that Orchestra BioMed Holdings, Inc. will post -1.66 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN raised its stake in Orchestra BioMed by 43.6% during the fourth quarter. Wells Fargo & Company MN now owns 13,156 shares of the company's stock valued at $53,000 after purchasing an additional 3,992 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Orchestra BioMed in the 4th quarter worth about $86,000. Deutsche Bank AG increased its holdings in shares of Orchestra BioMed by 67.3% in the 1st quarter. Deutsche Bank AG now owns 20,219 shares of the company's stock worth $87,000 after buying an additional 8,134 shares during the last quarter. Bank of America Corp DE raised its position in shares of Orchestra BioMed by 42.0% during the 4th quarter. Bank of America Corp DE now owns 23,780 shares of the company's stock valued at $95,000 after buying an additional 7,036 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of 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. 53.55% of the stock is owned by hedge funds and other 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.