Orchestra BioMed (NASDAQ:OBIO) Research Coverage Started at B. Riley

B. Riley initiated coverage on shares of Orchestra BioMed (NASDAQ:OBIO) in a research note published on Thursday morning, MarketBeat reports. The brokerage issued a buy rating and a $15.00 price objective on the stock.

Separately, Chardan Capital reissued a buy rating and set a $20.00 price objective on shares of Orchestra BioMed in a research note on Wednesday, June 12th.

Orchestra BioMed Stock Performance

OBIO stock opened at $7.52 on Thursday. The stock’s 50 day moving average price is $7.37 and its 200 day moving average price is $6.44. The firm has a market cap of $269.14 million, a P/E ratio of -5.08 and a beta of 0.45. Orchestra BioMed has a 1 year low of $4.22 and a 1 year high of $11.69.

Orchestra BioMed (NASDAQ:OBIO) last announced its earnings results on Monday, May 13th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.02. Orchestra BioMed had a negative net margin of 2,330.46% and a negative return on equity of 70.18%. The firm had revenue of $0.62 million during the quarter, compared to the consensus estimate of $1.28 million. On average, research analysts predict that Orchestra BioMed will post -1.56 earnings per share for the current year.

Insider Activity at Orchestra BioMed

In other news, insider William Reed Little acquired 4,000 shares of Orchestra BioMed stock in a transaction that occurred on Thursday, May 30th. The shares were acquired at an average price of $7.00 per share, with a total value of $28,000.00. Following the completion of the purchase, the insider now owns 307,859 shares of the company’s stock, valued at approximately $2,155,013. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Orchestra BioMed stock. Catalytic Wealth RIA LLC acquired a new position in Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 22,261 shares of the company’s stock, valued at approximately $117,000. Catalytic Wealth RIA LLC owned 0.06% of Orchestra BioMed at the end of the most recent reporting period. 53.55% of the stock is owned by institutional investors and hedge funds.

Orchestra BioMed Company Profile

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.