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

Orchestra BioMed (NASDAQ:OBIO) announced its quarterly earnings data on Monday. The company reported ($0.43) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.43), Zacks reports. The business had revenue of $0.25 million during the quarter, compared to the consensus estimate of $0.79 million. Orchestra BioMed had a negative net margin of 2,179.33% and a negative return on equity of 107.04%.

Orchestra BioMed Trading Down 24.3 %

OBIO opened at $3.24 on Wednesday. The company has a market capitalization of $123.17 million, a price-to-earnings ratio of -2.01 and a beta of 0.59. Orchestra BioMed has a 12-month low of $3.17 and a 12-month high of $8.87. The business’s fifty day simple moving average is $4.84 and its 200-day simple moving average is $5.14.

Analyst Upgrades and Downgrades

OBIO has been the topic of several recent analyst reports. Barclays initiated coverage on Orchestra BioMed in a report on Thursday, January 2nd. They issued an “overweight” rating and a $16.00 price target on the stock. BTIG Research initiated coverage on Orchestra BioMed in a research note on Thursday, March 20th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $14.00 target price on shares of Orchestra BioMed in a research note on Monday, March 10th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Orchestra BioMed presently has a consensus rating of “Buy” and a consensus target price of $15.40.

Institutional Investors 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 the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,780 shares of the company’s stock after buying an additional 7,036 shares during the quarter. Bank of America Corp DE owned approximately 0.06% of Orchestra BioMed worth $95,000 as of its most recent SEC filing. Hedge funds and other institutional investors 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.