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 research note issued to investors on Thursday,Benzinga reports. They currently have a $20.00 price objective on the stock. Chardan Capital’s target price points to a potential upside of 357.56% from the stock’s current price.

OBIO has been the topic of a number of other research reports. HC Wainwright decreased their price objective on shares of Orchestra BioMed from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, September 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Orchestra BioMed in a research note on Wednesday, October 8th. BTIG Research reaffirmed a “neutral” rating on shares of Orchestra BioMed in a research note on Wednesday, August 20th. Finally, Barclays lowered their price objective on Orchestra BioMed from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.25.

Orchestra BioMed Stock Performance

NASDAQ:OBIO traded down $0.05 during trading hours on Thursday, reaching $4.37. The stock had a trading volume of 164,673 shares, compared to its average volume of 296,392. The stock has a market cap of $246.81 million, a P/E ratio of -2.40 and a beta of 0.65. Orchestra BioMed has a 12-month low of $2.20 and a 12-month high of $6.50. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.09 and a current ratio of 4.73. The stock has a 50 day simple moving average of $3.16 and a 200 day simple moving average of $2.98.

Orchestra BioMed (NASDAQ:OBIO) last issued its earnings results on Monday, November 10th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.02). Orchestra BioMed had a negative net margin of 2,665.05% and a negative return on equity of 320.09%. The business had revenue of $0.86 million for the quarter, compared to the consensus estimate of $0.74 million. On average, research analysts forecast that Orchestra BioMed will post -1.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OBIO. Catalyst Funds Management Pty Ltd purchased a new stake in shares of Orchestra BioMed during the second quarter worth about $31,000. Creative Planning purchased a new stake in Orchestra BioMed during the 2nd quarter valued at approximately $40,000. XTX Topco Ltd bought a new stake in shares of Orchestra BioMed during the second quarter valued at approximately $45,000. Jane Street Group LLC bought a new stake in shares of Orchestra BioMed during the second quarter valued at approximately $50,000. Finally, Bank of America Corp DE lifted its holdings in shares of Orchestra BioMed by 35.7% in the second quarter. Bank of America Corp DE now owns 21,577 shares of the company’s stock worth $58,000 after buying an additional 5,678 shares in the last quarter. 53.20% of the stock is 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.