Orchestra BioMed (NASDAQ:OBIO) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Orchestra BioMed (NASDAQ:OBIO) released its earnings results on Monday. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04, Zacks reports. Orchestra BioMed had a negative return on equity of 289.42% and a negative net margin of 2,367.49%.

Orchestra BioMed Stock Down 0.8%

Orchestra BioMed stock traded down $0.03 during trading hours on Monday, hitting $3.78. The stock had a trading volume of 143,389 shares, compared to its average volume of 295,465. The stock’s 50-day moving average price is $3.08 and its 200-day moving average price is $2.96. The stock has a market capitalization of $146.07 million, a P/E ratio of -2.07 and a beta of 0.65. Orchestra BioMed has a 12-month low of $2.20 and a 12-month high of $6.50. The company has a quick ratio of 2.09, a current ratio of 2.10 and a debt-to-equity ratio of 48.76.

Analyst Ratings Changes

OBIO has been the subject of a number of research reports. BTIG Research reiterated a “neutral” rating on shares of Orchestra BioMed in a report on Wednesday, August 20th. HC Wainwright decreased their price target on shares of Orchestra BioMed from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, September 4th. Chardan Capital reissued a “buy” rating and set a $20.00 price target on shares of Orchestra BioMed in a research report on Wednesday, August 13th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Orchestra BioMed in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.50.

Hedge Funds Weigh In On Orchestra BioMed

A number of hedge funds have recently added to or reduced their stakes in OBIO. Bank of America Corp DE lifted its position in Orchestra BioMed by 35.7% in the 2nd quarter. Bank of America Corp DE now owns 21,577 shares of the company’s stock valued at $58,000 after acquiring an additional 5,678 shares in the last quarter. Creative Planning purchased a new position in shares of Orchestra BioMed in the second quarter worth $40,000. XTX Topco Ltd bought a new position in shares of Orchestra BioMed during the second quarter valued at $45,000. Jane Street Group LLC purchased a new stake in shares of Orchestra BioMed during the second quarter valued at $50,000. Finally, Bridgeway Capital Management LLC purchased a new stake in shares of Orchestra BioMed during the second quarter valued at $67,000. 53.20% of the stock is currently owned by hedge funds and other institutional investors.

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.