Orchestra BioMed (NASDAQ:OBIO) Issues Quarterly Earnings Results, Meets Expectations

Orchestra BioMed (NASDAQ:OBIO) announced its earnings results on Monday. The company reported ($0.43) EPS for the quarter, meeting analysts’ consensus estimates of ($0.43), Zacks reports. Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 107.04%.

Orchestra BioMed Trading Down 2.7 %

Orchestra BioMed stock traded down $0.12 during mid-day trading on Monday, hitting $4.28. The stock had a trading volume of 49,555 shares, compared to its average volume of 83,894. Orchestra BioMed has a one year low of $3.75 and a one year high of $8.87. The firm has a market capitalization of $162.70 million, a P/E ratio of -2.66 and a beta of 0.59. The firm’s 50 day moving average is $4.90 and its 200 day moving average is $5.17.

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 holdings in shares of Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) by 42.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. 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 about 0.06% of Orchestra BioMed worth $95,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 53.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on OBIO shares. 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 began coverage on Orchestra BioMed in a report on Thursday, January 2nd. They set an “overweight” rating and a $16.00 price target for the company. Finally, BTIG Research initiated coverage on Orchestra BioMed in a research note on Thursday, March 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $15.40.

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.