Orchestra BioMed (NASDAQ:OBIO) Trading 5.1% Higher – Here’s Why

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO)’s share price traded up 5.1% on Thursday . The company traded as high as $5.67 and last traded at $5.60. 35,693 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 132,151 shares. The stock had previously closed at $5.33.

Analyst Upgrades and Downgrades

Several equities research analysts have recently 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 reiterated a “buy” rating and set a $20.00 price target on shares of Orchestra BioMed in a research report on Wednesday, November 13th. Finally, Barclays initiated coverage on Orchestra BioMed in a report on Thursday, January 2nd. They issued an “overweight” rating and a $16.00 price objective on the stock.

Orchestra BioMed Price Performance

The business’s 50 day moving average price is $5.22 and its 200 day moving average price is $5.56. The firm has a market cap of $212.86 million, a PE ratio of -3.48 and a beta of 0.57.

Orchestra BioMed (NASDAQ:OBIO) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.41) EPS 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 company had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.81 million. As a group, analysts predict that Orchestra BioMed Holdings, Inc. will post -1.66 earnings per share for the current year.

Institutional Trading of Orchestra BioMed

Several large investors have recently made changes to their positions in OBIO. RTW Investments LP lifted its holdings in Orchestra BioMed by 46.0% in the 3rd quarter. RTW Investments LP now owns 8,206,159 shares of the company’s stock valued at $42,180,000 after purchasing an additional 2,585,519 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Orchestra BioMed by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 572,441 shares of the company’s stock valued at $2,290,000 after buying an additional 5,222 shares during the last quarter. State Street Corp lifted its stake in shares of Orchestra BioMed by 12.4% in the third quarter. State Street Corp now owns 429,613 shares of the company’s stock worth $2,208,000 after buying an additional 47,308 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Orchestra BioMed by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 217,008 shares of the company’s stock worth $1,115,000 after acquiring an additional 8,107 shares during the last quarter. Finally, HighTower Advisors LLC grew its stake in Orchestra BioMed by 34.3% during the 4th quarter. HighTower Advisors LLC now owns 68,500 shares of the company’s stock valued at $274,000 after acquiring an additional 17,500 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.