Orchestra BioMed (NASDAQ:OBIO) Announces Earnings Results

Orchestra BioMed (NASDAQ:OBIO) announced its quarterly earnings results on Monday. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.02), Zacks reports. The company had revenue of $0.86 million during the quarter, compared to analyst estimates of $0.74 million. Orchestra BioMed had a negative net margin of 2,665.05% and a negative return on equity of 449.62%.

Orchestra BioMed Stock Performance

Shares of OBIO traded up $0.24 during mid-day trading on Wednesday, hitting $4.34. The stock had a trading volume of 26,324 shares, compared to its average volume of 294,518. Orchestra BioMed has a fifty-two week low of $2.20 and a fifty-two week high of $6.50. The company has a quick ratio of 2.09, a current ratio of 2.10 and a debt-to-equity ratio of 48.76. The company has a market cap of $244.80 million, a PE ratio of -2.36 and a beta of 0.65. The company’s fifty day simple moving average is $3.13 and its two-hundred day simple moving average is $2.97.

Institutional Trading of Orchestra BioMed

Institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning acquired a new position in shares of Orchestra BioMed in the 2nd quarter valued at about $40,000. XTX Topco Ltd acquired a new stake in shares of Orchestra BioMed during the 2nd quarter worth approximately $45,000. Jane Street Group LLC bought a new stake in shares of Orchestra BioMed in the 2nd quarter worth approximately $50,000. Bank of America Corp DE boosted its position in Orchestra BioMed by 35.7% during the 2nd quarter. Bank of America Corp DE now owns 21,577 shares of the company’s stock valued at $58,000 after purchasing an additional 5,678 shares during the period. Finally, Bridgeway Capital Management LLC acquired a new position in Orchestra BioMed during the 2nd quarter valued at approximately $67,000. 53.20% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. BTIG Research reaffirmed a “neutral” rating on shares of Orchestra BioMed in a research report on Wednesday, August 20th. HC Wainwright reduced their price objective on Orchestra BioMed from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, September 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Orchestra BioMed in a report on Wednesday, October 8th. Finally, Chardan Capital restated a “buy” rating and issued a $20.00 target price on shares of Orchestra BioMed in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Orchestra BioMed has a consensus rating of “Moderate Buy” and a consensus price target of $13.50.

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.