Orchestra BioMed (NASDAQ:OBIO – Get Free Report) had its price objective hoisted by stock analysts at B. Riley Financial from $10.00 to $11.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s price target suggests a potential upside of 84.87% from the company’s previous close.
A number of other brokerages have also recently issued reports on OBIO. Weiss Ratings raised shares of Orchestra BioMed from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday. Piper Sandler reissued an “overweight” rating and issued a $10.00 price target (up from $9.00) on shares of Orchestra BioMed in a research report on Tuesday, August 11th. Finally, B Riley reaffirmed a “buy” rating on shares of Orchestra BioMed in a research report on Tuesday. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Orchestra BioMed currently has a consensus rating of “Moderate Buy” and an average price target of $13.17.
Read Our Latest Report on OBIO
Orchestra BioMed Stock Up 0.8%
Orchestra BioMed (NASDAQ:OBIO – Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.01. The business had revenue of $0.09 million during the quarter, compared to the consensus estimate of $0.14 million. Orchestra BioMed had a negative return on equity of 149.61% and a negative net margin of 184.60%. Analysts anticipate that Orchestra BioMed will post -1.54 EPS for the current fiscal year.
Insider Activity
In other news, insider Darren Sherman sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $4.94, for a total transaction of $74,100.00. Following the completion of the transaction, the insider directly owned 1,134,402 shares of the company’s stock, valued at $5,603,945.88. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David P. Hochman bought 10,000 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was bought at an average cost of $4.79 per share, with a total value of $47,900.00. Following the transaction, the insider owned 1,070,746 shares in the company, valued at $5,128,873.34. This trade represents a 0.94% increase in their position. The disclosure for this purchase is available in the SEC filing. 7.50% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Orchestra BioMed
Institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Orchestra BioMed in the 2nd quarter worth $10,832,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Orchestra BioMed in the 2nd quarter worth approximately $2,771,000. Rice Hall James & Associates LLC bought a new position in Orchestra BioMed during the second quarter valued at $1,830,000. Flat Footed LLC purchased a new position in Orchestra BioMed in the second quarter worth about $1,084,670. Finally, Knott David M Jr raised its holdings in Orchestra BioMed by 1.5% during the 1st quarter. Knott David M Jr now owns 253,651 shares of the company’s stock valued at $1,078,000 after buying an additional 3,651 shares during the period. Institutional investors own 53.20% of the company’s stock.
About Orchestra BioMed
Orchestra BioMed Holdings, Inc is a clinical-stage healthcare company developing products for the treatment of cardiovascular and other serious medical conditions. The company uses a partnership-oriented business model, working with medical device and healthcare companies to advance novel therapies toward commercialization.
Orchestra BioMed’s leading program is BackBeat Cardiac Neuromodulation Therapy, an investigational device-based treatment designed to provide sustained reductions in blood pressure for patients with hypertension.
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