Chardan Capital Reaffirms "Buy" Rating for Orchestra BioMed (NASDAQ:OBIO)

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 report released on Thursday,Benzinga reports. Chardan Capital currently has a $20.00 price target on the stock.

A number of other equities research analysts have also recently commented on the stock. Barclays dropped their price objective 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 reaffirmed a "buy" rating on shares of Orchestra BioMed in a research report 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 stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $14.00.

Orchestra BioMed Price Performance

Shares of OBIO stock traded down $0.17 during mid-day trading on Thursday, hitting $2.55. The company had a trading volume of 267,201 shares, compared to its average volume of 293,668. Orchestra BioMed has a 52-week low of $2.37 and a 52-week high of $7.04. The stock's 50 day moving average price is $3.04 and its 200-day moving average price is $3.56. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.35 and a quick ratio of 3.34. The company has a market capitalization of $98.35 million, a P/E ratio of -1.44 and a beta of 0.62.

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) last posted its quarterly earnings data 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). Orchestra BioMed had a negative net margin of 2,297.85% and a negative return on equity of 189.26%. The firm had revenue of $0.87 million for the quarter, compared to the consensus estimate of $0.39 million. Equities research analysts forecast that Orchestra BioMed will post -1.66 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider David P. Hochman acquired 20,000 shares of Orchestra BioMed stock in a transaction dated Monday, August 4th. The shares were acquired at an average cost of $2.75 per share, for a total transaction of $55,000.00. Following the completion of the transaction, the insider directly owned 349,331 shares of the company's stock, valued at $960,660.25. The trade was a 6.07% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Orchestra BioMed

A number of hedge funds have recently bought and sold shares of the business. Boxer Capital Management LLC bought a new stake in shares of Orchestra BioMed in the 4th quarter worth approximately $953,000. Knott David M Jr bought a new stake in shares of Orchestra BioMed in the 2nd quarter worth approximately $268,000. IFP Advisors Inc lifted its holdings in shares of Orchestra BioMed by 106.4% in the 1st quarter. IFP Advisors Inc now owns 161,921 shares of the company's stock worth $693,000 after purchasing an additional 83,481 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Orchestra BioMed in the 2nd quarter worth approximately $122,000. Finally, Nuveen LLC bought a new stake in shares of Orchestra BioMed in the 1st quarter worth approximately $179,000. Institutional investors and hedge funds own 53.20% of the company's stock.

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.