Insider Buying: Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) Insider Purchases $12,275.00 in Stock

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) insider David P. Hochman acquired 2,500 shares of Orchestra BioMed stock in a transaction on Tuesday, September 24th. The shares were bought at an average cost of $4.91 per share, with a total value of $12,275.00. Following the completion of the transaction, the insider now owns 570,498 shares of the company’s stock, valued at $2,801,145.18. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.

Orchestra BioMed Stock Performance

OBIO opened at $5.02 on Friday. The company has a market capitalization of $189.91 million, a P/E ratio of -3.39 and a beta of 0.44. The stock has a fifty day moving average of $6.16 and a 200-day moving average of $6.11. Orchestra BioMed Holdings, Inc. has a fifty-two week low of $4.22 and a fifty-two week high of $11.69.

Orchestra BioMed (NASDAQ:OBIO) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.04). The company had revenue of $0.78 million during the quarter, compared to analyst estimates of $1.04 million. Orchestra BioMed had a negative net margin of 2,673.26% and a negative return on equity of 89.28%. On average, equities research analysts predict that Orchestra BioMed Holdings, Inc. will post -1.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

OBIO has been the subject of a number of research reports. HC Wainwright initiated coverage on Orchestra BioMed in a report on Thursday, August 22nd. They set a “buy” rating and a $14.00 target price for the company. Chardan Capital reissued a “buy” rating and set a $20.00 target price on shares of Orchestra BioMed in a report on Wednesday, June 12th. Finally, B. Riley initiated coverage on Orchestra BioMed in a report on Thursday, July 25th. They set a “buy” rating and a $15.00 target price for the company.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OBIO. Catalytic Wealth RIA LLC acquired a new position in Orchestra BioMed in the first quarter valued at about $117,000. SkyView Investment Advisors LLC acquired a new position in Orchestra BioMed during the second quarter worth about $163,000. Rhumbline Advisers raised its stake in Orchestra BioMed by 192.7% during the second quarter. Rhumbline Advisers now owns 26,439 shares of the company’s stock worth $215,000 after acquiring an additional 17,405 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Orchestra BioMed by 8.4% during the second quarter. The Manufacturers Life Insurance Company now owns 42,082 shares of the company’s stock worth $343,000 after acquiring an additional 3,245 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Orchestra BioMed by 115.7% during the second quarter. Bank of New York Mellon Corp now owns 70,682 shares of the company’s stock worth $576,000 after acquiring an additional 37,906 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.