Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) Sees Large Decline in Short Interest

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 474,000 shares, a drop of 35.7% from the January 15th total of 736,700 shares. Based on an average trading volume of 97,000 shares, the days-to-cover ratio is presently 4.9 days. Currently, 1.8% of the shares of the company are short sold.

Orchestra BioMed Stock Up 1.3 %

OBIO stock traded up $0.07 during mid-day trading on Friday, hitting $5.67. The company had a trading volume of 28,344 shares, compared to its average volume of 65,347. Orchestra BioMed has a 12-month low of $3.96 and a 12-month high of $8.87. The company has a 50-day moving average price of $5.24 and a 200 day moving average price of $5.54.

Institutional Trading of Orchestra BioMed

Several hedge funds have recently bought and sold shares of OBIO. The Manufacturers Life Insurance Company lifted its stake in Orchestra BioMed by 8.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 42,082 shares of the company’s stock worth $343,000 after purchasing an additional 3,245 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Orchestra BioMed during the 3rd quarter valued at about $52,000. ABLE Financial Group LLC purchased a new stake in shares of Orchestra BioMed during the 3rd quarter valued at about $69,000. Charles Schwab Investment Management Inc. raised its position in shares of Orchestra BioMed by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 217,008 shares of the company’s stock valued at $1,115,000 after buying an additional 8,107 shares in the last quarter. Finally, RTW Investments LP raised its position in shares of Orchestra BioMed by 46.0% during the 3rd quarter. RTW Investments LP now owns 8,206,159 shares of the company’s stock valued at $42,180,000 after buying an additional 2,585,519 shares in the last quarter. Hedge funds and other institutional investors own 53.55% of the company’s stock.

Analysts Set New Price Targets

OBIO has been the topic of several recent analyst reports. Chardan Capital restated a “buy” rating and set a $20.00 price objective on shares of Orchestra BioMed in a research report on Wednesday, November 13th. HC Wainwright restated a “buy” rating and set a $14.00 price objective on shares of Orchestra BioMed in a research report on Friday, November 15th. Finally, Barclays initiated coverage on shares of Orchestra BioMed in a research report on Thursday, January 2nd. They set an “overweight” rating and a $16.00 price objective on the 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.