Orchestra BioMed's (OBIO) "Buy" Rating Reaffirmed at Chardan Capital

Key Points

• Chardan Capital has reiterated a "buy" rating on Orchestra BioMed's stock with a price target of $20.00, amidst generally favorable analyst sentiment.
• Orchestra BioMed's stock price has been fluctuating around $2.62, significantly below its 1-year high of $7.04, and the company reported a loss of ($0.49) EPS in its latest earnings results.
• Insider David P. Hochman increased his stake by acquiring 20,000 shares at $2.75 each, potentially signaling confidence in the company's future prospects.

Chardan Capital restated their buy rating on shares of Orchestra BioMed (NASDAQ:OBIO - Free Report) in a research note published on Thursday,Benzinga reports. Chardan Capital currently has a $20.00 price objective on the stock.

Several other equities research analysts have also issued reports on OBIO. Barclays lowered their price target on shares of Orchestra BioMed from $16.00 to $12.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. HC Wainwright reiterated 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 issued a strong buy rating to the company. According to data from MarketBeat, Orchestra BioMed has a consensus rating of "Buy" and an average target price of $14.00.

Orchestra BioMed Stock Up 4.2%

NASDAQ OBIO traded up $0.11 on Thursday, reaching $2.71. The company had a trading volume of 790,354 shares, compared to its average volume of 306,043. The firm has a market capitalization of $104.71 million, a price-to-earnings ratio of -1.52 and a beta of 0.62. 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 has a 1-year low of $2.37 and a 1-year high of $7.04. The company's fifty day moving average is $3.04 and its 200-day moving average is $3.58.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported ($0.49) earnings per share for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.03). The company had revenue of $0.87 million during the quarter, compared to analyst estimates of $0.39 million. Orchestra BioMed had a negative return on equity of 189.26% and a negative net margin of 2,297.85%. On average, research analysts forecast that Orchestra BioMed will post -1.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Orchestra BioMed

In other Orchestra BioMed news, insider David P. Hochman acquired 20,000 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were bought at an average price of $2.75 per share, for a total transaction of $55,000.00. Following the completion of the transaction, the insider owned 349,331 shares of the company's stock, valued at approximately $960,660.25. This represents a 6.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Orchestra BioMed

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of Orchestra BioMed by 354.5% in the 4th quarter. JPMorgan Chase & Co. now owns 49,405 shares of the company's stock worth $198,000 after purchasing an additional 38,535 shares during the last quarter. Geode Capital Management LLC lifted its stake 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 purchasing an additional 5,222 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of 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 buying an additional 3,992 shares in the last quarter. Barclays PLC grew its stake in shares of 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 buying an additional 6,001 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of 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 acquiring an additional 3,704 shares during the period. 53.20% 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.