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

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO - Get Free Report) shares traded up 1.7% during mid-day trading on Wednesday . The stock traded as high as $3.01 and last traded at $2.98. 118,256 shares traded hands 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

Several brokerages have weighed in on OBIO. 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 target price for the company. Chardan Capital reaffirmed a "buy" rating and set a $20.00 price objective on shares of Orchestra BioMed in a research report on Tuesday, May 13th. B. Riley raised Orchestra BioMed to a "strong-buy" rating in a research report on Thursday, April 3rd. Barclays decreased their price target 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, HC Wainwright reaffirmed 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 stock presently has a consensus rating of "Buy" and an average target price of $14.20.

Orchestra BioMed Price Performance

The company's 50-day simple moving average is $2.94 and its 200 day simple moving average is $3.90. The company has a market cap of $114.16 million, a PE ratio of -1.67 and a beta of 0.61. 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 data on Monday, May 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.03). Orchestra BioMed had a negative net margin of 2,297.85% and a negative return on equity of 189.26%. The company had revenue of $0.87 million during the quarter, compared to analyst estimates of $0.39 million. On average, sell-side analysts predict that Orchestra BioMed Holdings, Inc. will post -1.66 earnings per share for the current fiscal year.

Institutional Trading of Orchestra BioMed

Large investors have recently made changes to their positions in the company. Wells Fargo & Company MN lifted its holdings in Orchestra BioMed by 43.6% during the 4th quarter. Wells Fargo & Company MN now owns 13,156 shares of the company's stock worth $53,000 after buying an additional 3,992 shares during the last quarter. Deutsche Bank AG raised its position in shares of Orchestra BioMed by 67.3% during the 1st quarter. Deutsche Bank AG now owns 20,219 shares of the company's stock worth $87,000 after acquiring an additional 8,134 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of Orchestra BioMed during the 4th quarter worth about $86,000. Bank of America Corp DE lifted its stake in Orchestra BioMed by 42.0% during the fourth quarter. Bank of America Corp DE now owns 23,780 shares of the company's stock worth $95,000 after purchasing an additional 7,036 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Orchestra BioMed by 11.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 37,009 shares of the company's stock valued at $148,000 after purchasing an additional 3,704 shares in the last quarter. 53.55% of the stock is currently 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.

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