Orchestra BioMed (NASDAQ:OBIO) Earns Buy Rating from Chardan Capital

Chardan Capital reissued their buy rating on shares of Orchestra BioMed (NASDAQ:OBIO) in a research note issued to investors on Tuesday morning,Benzinga reports. Chardan Capital currently has a $20.00 target price on the stock.

Several other research firms also recently weighed in on OBIO. Barclays assumed coverage on Orchestra BioMed in a research report on Thursday, January 2nd. They set an “overweight” rating and a $16.00 price target for the company. BTIG Research initiated coverage on shares of Orchestra BioMed in a research note on Thursday, March 20th. They set a “buy” rating and a $12.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and set a $14.00 price objective on shares of Orchestra BioMed in a report on Monday, March 10th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $15.40.

Orchestra BioMed Stock Performance

Shares of Orchestra BioMed stock opened at $3.11 on Tuesday. The firm has a fifty day moving average of $4.76 and a two-hundred day moving average of $5.12. Orchestra BioMed has a one year low of $3.02 and a one year high of $8.87. The company has a market cap of $118.22 million, a P/E ratio of -1.93 and a beta of 0.59.

Orchestra BioMed (NASDAQ:OBIO) last posted its quarterly earnings results on Monday, March 31st. The company reported ($0.43) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.43). The company had revenue of $0.25 million during the quarter, compared to the consensus estimate of $0.79 million. Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 107.04%. As a group, equities analysts predict that Orchestra BioMed will post -1.66 earnings per share for the current year.

Institutional Investors Weigh In On Orchestra BioMed

Institutional investors have recently added to or reduced their stakes in the company. RTW Investments LP increased its position in Orchestra BioMed by 46.0% during the 3rd 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 in the last quarter. State Street Corp boosted its holdings in Orchestra BioMed by 12.4% in the 3rd quarter. State Street Corp now owns 429,613 shares of the company’s stock worth $2,208,000 after acquiring an additional 47,308 shares during the period. Barclays PLC increased its stake in Orchestra BioMed by 281.3% during the 3rd quarter. Barclays PLC now owns 31,785 shares of the company’s stock worth $163,000 after buying an additional 23,448 shares during the period. Geode Capital Management LLC boosted its holdings in 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. Finally, Charles Schwab Investment Management Inc. grew its position in shares of 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 buying 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.