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

Chardan Capital reiterated their buy rating on shares of Orchestra BioMed (NASDAQ:OBIO) in a report released on Wednesday morning,Benzinga reports. They currently have a $20.00 target price on the stock.

Several other research analysts also recently issued reports on the company. HC Wainwright assumed coverage on Orchestra BioMed in a report on Thursday, August 22nd. They set a “buy” rating and a $14.00 price objective on the stock. B. Riley began coverage on Orchestra BioMed in a report on Thursday, July 25th. They issued a “buy” rating and a $15.00 price target on the stock.

Orchestra BioMed Stock Performance

Shares of NASDAQ:OBIO opened at $5.84 on Wednesday. The business has a fifty day moving average of $5.42 and a 200-day moving average of $6.26. Orchestra BioMed has a twelve month low of $4.22 and a twelve month high of $11.69.

Orchestra BioMed (NASDAQ:OBIO) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.03. Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 107.04%. The firm had revenue of $0.99 million for the quarter, compared to analyst estimates of $0.81 million. As a group, research analysts forecast that Orchestra BioMed will post -1.67 earnings per share for the current year.

Insiders Place Their Bets

In other Orchestra BioMed news, insider Darren Sherman sold 6,804 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $5.48, for a total transaction of $37,285.92. Following the transaction, the insider now owns 772,691 shares in the company, valued at approximately $4,234,346.68. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 24,260 shares of company stock valued at $138,573. Company insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Catalytic Wealth RIA LLC bought a new position in shares of Orchestra BioMed during the first quarter worth $117,000. Bank of New York Mellon Corp raised its stake in Orchestra BioMed by 115.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 70,682 shares of the company’s stock worth $576,000 after buying an additional 37,906 shares during the period. Rhumbline Advisers lifted its holdings in Orchestra BioMed by 192.7% during the second quarter. Rhumbline Advisers now owns 26,439 shares of the company’s stock worth $215,000 after acquiring an additional 17,405 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Orchestra BioMed by 8.4% in the second quarter. The Manufacturers Life Insurance Company now owns 42,082 shares of the company’s stock valued at $343,000 after acquiring an additional 3,245 shares during the period. Finally, SkyView Investment Advisors LLC bought a new stake in shares of Orchestra BioMed in the second quarter worth about $163,000. Institutional investors own 53.55% of the company’s 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.