Orchestra BioMed (NASDAQ:OBIO) Releases Earnings Results, Meets Expectations

Orchestra BioMed (NASDAQ:OBIO - Get Free Report) announced its earnings results on Monday. The company reported ($0.43) EPS for the quarter, hitting analysts' consensus estimates of ($0.43), Zacks reports. Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%. The company had revenue of $0.25 million for the quarter, compared to analysts' expectations of $0.79 million.

Orchestra BioMed Stock Down 11.3 %

OBIO stock traded down $0.35 during midday trading on Friday, hitting $2.76. The company's stock had a trading volume of 108,071 shares, compared to its average volume of 85,066. The firm has a market capitalization of $104.92 million, a price-to-earnings ratio of -1.71 and a beta of 0.59. Orchestra BioMed has a 12 month low of $2.66 and a 12 month high of $8.87. The company has a 50 day moving average of $4.71 and a two-hundred day moving average of $5.10.

Analysts Set New Price Targets

Several research firms have recently commented on OBIO. Barclays initiated coverage on Orchestra BioMed in a research note on Thursday, January 2nd. They issued an "overweight" rating and a $16.00 price objective on the stock. HC Wainwright decreased their target price on shares of Orchestra BioMed from $14.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday. Chardan Capital reaffirmed a "buy" rating and set a $20.00 price target on shares of Orchestra BioMed in a report on Tuesday. Finally, BTIG Research initiated coverage on shares of Orchestra BioMed in a research report on Thursday, March 20th. They set a "buy" rating and a $12.00 price objective on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $15.00.

Hedge Funds Weigh In On Orchestra BioMed

An institutional investor recently raised its position in Orchestra BioMed stock. Bank of America Corp DE raised its stake in Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO - Free Report) by 42.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,780 shares of the company's stock after acquiring an additional 7,036 shares during the period. Bank of America Corp DE owned approximately 0.06% of Orchestra BioMed worth $95,000 as of its most recent SEC filing. 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.