Chardan Capital Reaffirms “Buy” Rating for Orchestra BioMed (NASDAQ:OBIO)

Chardan Capital restated their buy rating on shares of Orchestra BioMed (NASDAQ:OBIO) in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a $20.00 target price on the stock.

Several other research analysts have also recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating on shares of Orchestra BioMed in a report on Wednesday, April 23rd. Barclays dropped their price target on Orchestra BioMed from $16.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $14.00.

Orchestra BioMed Stock Performance

OBIO opened at $2.66 on Wednesday. The company has a market capitalization of $102.79 million, a price-to-earnings ratio of -1.45 and a beta of 0.62. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.35 and a quick ratio of 3.34. Orchestra BioMed has a 1-year low of $2.37 and a 1-year high of $7.04. The business has a 50 day moving average price of $3.00 and a two-hundred day moving average price of $3.53.

Orchestra BioMed (NASDAQ:OBIO) last released its earnings results on Tuesday, August 12th. The company reported ($0.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.01. The firm had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.78 million. Orchestra BioMed had a negative return on equity of 217.73% and a negative net margin of 2,367.49%. Research analysts predict that Orchestra BioMed will post -1.66 EPS for the current fiscal year.

Insider Activity

In other news, insider David P. Hochman bought 20,000 shares of the business’s stock in a transaction on Monday, August 4th. The shares were bought at an average cost of $2.75 per share, with a total value of $55,000.00. Following the purchase, the insider directly owned 349,331 shares in the company, valued at $960,660.25. This trade represents a 6.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Orchestra BioMed

Several large investors have recently added to or reduced their stakes in OBIO. JPMorgan Chase & Co. raised its stake in Orchestra BioMed by 354.5% during the 4th quarter. JPMorgan Chase & Co. now owns 49,405 shares of the company’s stock valued at $198,000 after purchasing an additional 38,535 shares during the period. Geode Capital Management LLC raised its stake in Orchestra BioMed by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 572,441 shares of the company’s stock valued at $2,290,000 after purchasing an additional 5,222 shares during the period. Wells Fargo & Company MN raised its stake in Orchestra BioMed by 43.6% during the 4th quarter. Wells Fargo & Company MN now owns 13,156 shares of the company’s stock valued at $53,000 after purchasing an additional 3,992 shares during the period. Barclays PLC raised its stake in Orchestra BioMed by 18.9% during the 4th quarter. Barclays PLC now owns 37,786 shares of the company’s stock valued at $152,000 after purchasing an additional 6,001 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in Orchestra BioMed by 11.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 37,009 shares of the company’s stock valued at $148,000 after purchasing an additional 3,704 shares during the period. 53.20% of the stock is owned by institutional investors and hedge funds.

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.