Orchestra BioMed (NASDAQ:OBIO) Price Target Raised to $11.00

Orchestra BioMed (NASDAQ:OBIO) had its price objective hoisted by B. Riley Financial from $10.00 to $11.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. Piper Sandler reaffirmed an “overweight” rating and issued a $10.00 price objective (up from $9.00) on shares of Orchestra BioMed in a research report on Tuesday, August 11th. B Riley reissued a “buy” rating on shares of Orchestra BioMed in a report on Tuesday. Finally, Weiss Ratings upgraded Orchestra BioMed from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, September 10th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.17.

Orchestra BioMed Stock Down 3.8%

OBIO stock opened at $5.78 on Tuesday. The company has a market cap of $347.38 million, a price-to-earnings ratio of -6.80 and a beta of 0.54. Orchestra BioMed has a twelve month low of $2.20 and a twelve month high of $6.28. The business has a 50 day moving average price of $4.66 and a two-hundred day moving average price of $4.35. The company has a quick ratio of 8.24, a current ratio of 8.26 and a debt-to-equity ratio of 1.80.

Orchestra BioMed (NASDAQ:OBIO) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.01. The company had revenue of $0.09 million for the quarter, compared to analyst estimates of $0.14 million. Orchestra BioMed had a negative net margin of 184.60% and a negative return on equity of 149.61%. Analysts anticipate that Orchestra BioMed will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Darren Sherman sold 15,000 shares of Orchestra BioMed stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $4.94, for a total transaction of $74,100.00. Following the completion of the sale, the insider directly owned 1,134,402 shares of the company’s stock, valued at approximately $5,603,945.88. This trade represents a 1.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David P. Hochman purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were purchased at an average cost of $4.79 per share, with a total value of $47,900.00. Following the completion of the acquisition, the insider owned 1,070,746 shares in the company, valued at $5,128,873.34. The trade was a 0.94% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Orchestra BioMed during the 2nd quarter worth $10,832,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Orchestra BioMed in the second quarter valued at about $2,771,000. Rice Hall James & Associates LLC acquired a new position in shares of Orchestra BioMed in the second quarter valued at about $1,830,000. Knott David M Jr increased its position in Orchestra BioMed by 1.5% during the first quarter. Knott David M Jr now owns 253,651 shares of the company’s stock worth $1,078,000 after acquiring an additional 3,651 shares during the period. Finally, Flat Footed LLC bought a new position in Orchestra BioMed during the second quarter worth about $1,084,670. 53.20% of the stock is owned by institutional investors and hedge funds.

Orchestra BioMed Company Profile

Orchestra BioMed Holdings, Inc is a clinical-stage healthcare company developing products for the treatment of cardiovascular and other serious medical conditions. The company uses a partnership-oriented business model, working with medical device and healthcare companies to advance novel therapies toward commercialization.

Orchestra BioMed’s leading program is BackBeat Cardiac Neuromodulation Therapy, an investigational device-based treatment designed to provide sustained reductions in blood pressure for patients with hypertension.