Orchestra BioMed (NASDAQ:OBIO) Announces Earnings Results, Hits Estimates

Orchestra BioMed (NASDAQ:OBIO) issued its quarterly earnings results on Monday. The company reported ($0.43) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.43), Zacks reports. The company had revenue of $0.25 million for the quarter, compared to the consensus estimate of $0.79 million. Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%.

Orchestra BioMed Stock Performance

Shares of Orchestra BioMed stock opened at $3.96 on Tuesday. Orchestra BioMed has a fifty-two week low of $3.75 and a fifty-two week high of $8.87. The firm has a market capitalization of $150.35 million, a price-to-earnings ratio of -2.56 and a beta of 0.59. The stock has a 50 day moving average of $4.88 and a 200 day moving average of $5.16.

Wall Street Analysts Forecast Growth

OBIO has been the subject of a number of research analyst reports. BTIG Research assumed coverage on shares of Orchestra BioMed in a research report on Thursday, March 20th. They set a “buy” rating and a $12.00 price objective for the company. Barclays assumed coverage on Orchestra BioMed in a research note on Thursday, January 2nd. They issued an “overweight” rating and a $16.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $14.00 target price on shares of Orchestra BioMed in a research note on Monday, March 10th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Orchestra BioMed currently has a consensus rating of “Buy” and a consensus target price of $15.40.

Hedge Funds Weigh In On Orchestra BioMed

An institutional investor recently raised its position in Orchestra BioMed stock. Bank of America Corp DE boosted its stake in shares of Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) by 42.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,780 shares of the company’s stock after buying an additional 7,036 shares during the quarter. Bank of America Corp DE owned 0.06% of Orchestra BioMed worth $95,000 as of its most recent SEC filing. Institutional investors own 53.55% of the company’s stock.

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.