Orchestra BioMed (NASDAQ:OBIO) Coverage Initiated by Analysts at Barclays

Barclays assumed coverage on shares of Orchestra BioMed (NASDAQ:OBIO) in a research note issued to investors on Thursday morning, Marketbeat reports. The brokerage issued an overweight rating and a $16.00 target price on the stock.

Several other research analysts have also issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $14.00 target price on shares of Orchestra BioMed in a research note on Friday, November 15th. Chardan Capital restated a “buy” rating and issued a $20.00 target price on shares of Orchestra BioMed in a research note on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $15.80.

Orchestra BioMed Stock Performance

Orchestra BioMed stock opened at $5.38 on Thursday. The firm has a market cap of $204.52 million, a price-to-earnings ratio of -3.34 and a beta of 0.44. Orchestra BioMed has a 52-week low of $3.96 and a 52-week high of $10.06. The firm has a 50 day moving average price of $5.39 and a two-hundred day moving average price of $6.03.

Orchestra BioMed (NASDAQ:OBIO) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.03. Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%. The firm had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.81 million. As a group, equities research analysts predict that Orchestra BioMed will post -1.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Barclays PLC lifted its stake in Orchestra BioMed by 281.3% during the 3rd quarter. Barclays PLC now owns 31,785 shares of the company’s stock valued at $163,000 after acquiring an additional 23,448 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Orchestra BioMed by 2.0% in the third quarter. Geode Capital Management LLC now owns 567,219 shares of the company’s stock valued at $2,916,000 after purchasing an additional 11,002 shares during the last quarter. State Street Corp lifted its position in shares of Orchestra BioMed by 12.4% during the third quarter. State Street Corp now owns 429,613 shares of the company’s stock valued at $2,208,000 after purchasing an additional 47,308 shares in the last quarter. RTW Investments LP boosted its holdings in Orchestra BioMed by 46.0% during the third quarter. RTW Investments LP now owns 8,206,159 shares of the company’s stock worth $42,180,000 after purchasing an additional 2,585,519 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Orchestra BioMed by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 217,008 shares of the company’s stock worth $1,115,000 after purchasing an additional 8,107 shares in the last quarter. Hedge funds and other institutional investors own 53.55% 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.