B. Riley Upgrades Orchestra BioMed (NASDAQ:OBIO) to “Strong-Buy”

B. Riley upgraded shares of Orchestra BioMed (NASDAQ:OBIO) to a strong-buy rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also recently issued reports on the company. Barclays started coverage on Orchestra BioMed in a research report on Thursday, January 2nd. They issued an “overweight” rating and a $16.00 price objective for the company. HC Wainwright reduced their price objective on shares of Orchestra BioMed from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Friday. Chardan Capital reiterated a “buy” rating and issued a $20.00 price objective on shares of Orchestra BioMed in a report on Tuesday. Finally, BTIG Research initiated coverage on shares of Orchestra BioMed in a research note on Thursday, March 20th. They set a “buy” rating and a $12.00 target price for the company. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $15.00.

Orchestra BioMed Trading Down 11.3 %

NASDAQ:OBIO opened at $2.76 on Thursday. The stock has a market capitalization of $104.92 million, a PE ratio of -1.71 and a beta of 0.62. Orchestra BioMed has a 1-year low of $2.65 and a 1-year high of $8.87. The firm has a fifty day simple moving average of $4.71 and a 200 day simple moving average of $5.10.

Orchestra BioMed (NASDAQ:OBIO) last released its quarterly earnings data on Monday, March 31st. The company reported ($0.43) earnings per share for the quarter, hitting the consensus estimate of ($0.43). Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 107.04%. The company had revenue of $0.25 million for the quarter, compared to analyst estimates of $0.79 million. On average, equities analysts predict that Orchestra BioMed will post -1.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Orchestra BioMed

A number of hedge funds and other institutional investors have recently modified their holdings of OBIO. Geode Capital Management LLC grew its stake in shares of Orchestra BioMed by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 572,441 shares of the company’s stock valued at $2,290,000 after acquiring an additional 5,222 shares in the last quarter. State Street Corp boosted its holdings in Orchestra BioMed by 12.4% in the 3rd quarter. State Street Corp now owns 429,613 shares of the company’s stock valued at $2,208,000 after purchasing an additional 47,308 shares during the period. Boxer Capital Management LLC bought a new position in shares of Orchestra BioMed during the fourth quarter worth approximately $953,000. Northern Trust Corp increased its holdings in shares of Orchestra BioMed by 2.5% during the fourth quarter. Northern Trust Corp now owns 236,761 shares of the company’s stock worth $947,000 after purchasing an additional 5,725 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Orchestra BioMed by 3.9% in the third 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. Institutional investors and hedge funds own 53.55% of the company’s stock.

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.