Orchestra BioMed (NASDAQ:OBIO) Releases Earnings Results, Beats Estimates By $0.03 EPS

Orchestra BioMed (NASDAQ:OBIO) released its earnings results on Tuesday. The company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.03, Zacks reports. Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 102.19%. The company had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.81 million.

Orchestra BioMed Stock Up 8.5 %

OBIO stock traded up $0.48 during midday trading on Wednesday, hitting $6.14. 27,002 shares of the stock traded hands, compared to its average volume of 76,152. The stock’s fifty day simple moving average is $5.40 and its 200-day simple moving average is $6.23. Orchestra BioMed has a 1-year low of $4.22 and a 1-year high of $11.69.

Analysts Set New Price Targets

OBIO has been the topic of a number of analyst reports. HC Wainwright assumed coverage on shares of Orchestra BioMed in a research note on Thursday, August 22nd. They set a “buy” rating and a $14.00 target price on the stock. B. Riley started coverage on shares of Orchestra BioMed in a report on Thursday, July 25th. They set a “buy” rating and a $15.00 price target on the stock.

Insider Activity at Orchestra BioMed

In other news, insider Darren Sherman sold 6,819 shares of Orchestra BioMed stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $5.65, for a total value of $38,527.35. Following the sale, the insider now owns 779,495 shares in the company, valued at $4,404,146.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 24,260 shares of company stock worth $138,573. 6.70% of the stock is owned by company insiders.

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.