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

Orchestra BioMed (NASDAQ:OBIO)‘s stock had its “buy” rating reissued by equities research analysts at Chardan Capital in a note issued to investors on Wednesday,Benzinga reports. They currently have a $20.00 price target on the stock. Chardan Capital’s price objective points to a potential upside of 222.06% from the stock’s current price.

OBIO has been the subject of a number of other reports. HC Wainwright started coverage on shares of Orchestra BioMed in a research report on Thursday, August 22nd. They issued a “buy” rating and a $14.00 price target for the company. B. Riley assumed coverage on Orchestra BioMed in a report on Thursday, July 25th. They issued a “buy” rating and a $15.00 target price for the company.

Orchestra BioMed Stock Performance

OBIO opened at $6.21 on Wednesday. Orchestra BioMed has a one year low of $4.22 and a one year high of $11.69. The company has a market cap of $234.92 million, a P/E ratio of -3.77 and a beta of 0.42. The business’s 50-day simple moving average is $5.40 and its 200-day simple moving average is $6.23.

Orchestra BioMed (NASDAQ:OBIO) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.03. The company had revenue of $0.99 million for the quarter, compared to analyst estimates of $0.81 million. Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 102.19%. As a group, analysts predict that Orchestra BioMed will post -1.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Darren Sherman sold 6,819 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $5.65, for a total value of $38,527.35. Following the transaction, the insider now owns 779,495 shares of the company’s stock, valued at approximately $4,404,146.75. The trade was a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 24,260 shares of company stock valued at $138,573. Insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Orchestra BioMed

A number of hedge funds and other institutional investors have recently bought and sold shares of OBIO. SG Americas Securities LLC purchased a new stake in shares of Orchestra BioMed in the third quarter valued at about $52,000. ABLE Financial Group LLC purchased a new stake in Orchestra BioMed in the 3rd quarter valued at approximately $69,000. Catalytic Wealth RIA LLC acquired a new position in Orchestra BioMed during the 1st quarter worth approximately $117,000. SkyView Investment Advisors LLC acquired a new position in Orchestra BioMed during the 2nd quarter worth approximately $163,000. Finally, Rhumbline Advisers raised its stake in shares of Orchestra BioMed by 192.7% during the 2nd quarter. Rhumbline Advisers now owns 26,439 shares of the company’s stock worth $215,000 after buying an additional 17,405 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.