Orchestra BioMed (NASDAQ:OBIO) Posts Earnings Results, Hits Expectations

Orchestra BioMed (NASDAQ:OBIO) issued its quarterly earnings data on Monday. The company reported ($0.43) EPS for the quarter, hitting the consensus estimate of ($0.43), Zacks reports. Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%.

Orchestra BioMed Trading Down 2.7 %

Shares of NASDAQ:OBIO traded down $0.12 during trading on Monday, hitting $4.28. 49,555 shares of the company were exchanged, compared to its average volume of 83,894. The stock has a market cap of $162.70 million, a price-to-earnings ratio of -2.66 and a beta of 0.59. Orchestra BioMed has a fifty-two week low of $3.75 and a fifty-two week high of $8.87. The firm has a fifty day moving average price of $4.90 and a two-hundred day moving average price of $5.17.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OBIO. HC Wainwright reissued a “buy” rating and set a $14.00 price objective on shares of Orchestra BioMed in a research report on Monday, March 10th. Barclays started 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. Finally, BTIG Research assumed 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 for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Orchestra BioMed has a consensus rating of “Buy” and a consensus price target of $15.40.

Hedge Funds Weigh In On Orchestra BioMed

A hedge fund recently raised its stake in Orchestra BioMed stock. Bank of America Corp DE increased its position in Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) by 42.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,780 shares of the company’s stock after purchasing an additional 7,036 shares during the quarter. Bank of America Corp DE owned approximately 0.06% of Orchestra BioMed worth $95,000 as of its most recent SEC filing. 53.55% of the stock is owned by institutional investors and hedge funds.

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.