Orchestra BioMed (NASDAQ:OBIO) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Orchestra BioMed (NASDAQ:OBIO) issued its quarterly earnings results on Tuesday. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.03, Zacks reports. Orchestra BioMed had a negative return on equity of 102.19% and a negative net margin of 2,179.33%. The firm had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $0.81 million.

Orchestra BioMed Price Performance

NASDAQ OBIO traded up $0.48 during mid-day trading on Wednesday, reaching $6.14. The stock had a trading volume of 27,002 shares, compared to its average volume of 76,152. Orchestra BioMed has a 1 year low of $4.22 and a 1 year high of $11.69. The company has a fifty day moving average price of $5.40 and a 200 day moving average price of $6.23.

Wall Street Analysts Forecast Growth

OBIO has been the topic of several recent analyst reports. B. Riley initiated coverage on Orchestra BioMed in a research note on Thursday, July 25th. They issued a “buy” rating and a $15.00 price target on the stock. HC Wainwright initiated coverage on Orchestra BioMed in a research note on Thursday, August 22nd. They set a “buy” rating and a $14.00 price target on the stock.

Insider Buying and Selling

In other Orchestra BioMed news, insider Darren Sherman sold 6,819 shares of Orchestra BioMed stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $5.65, for a total value of $38,527.35. Following the completion of the sale, the insider now owns 779,495 shares of the company’s stock, valued at approximately $4,404,146.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 24,260 shares of company stock worth $138,573 in the last three months. Insiders own 6.70% 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.