Orchestra BioMed (NASDAQ:OBIO) Trading 3.4% Higher – Here’s Why

Shares of Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) traded up 3.4% during trading on Friday . The company traded as high as $4.35 and last traded at $4.23. 38,786 shares traded hands during trading, a decline of 53% from the average session volume of 82,799 shares. The stock had previously closed at $4.09.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $14.00 target price on shares of Orchestra BioMed in a research note on Friday, November 15th. Barclays assumed coverage on shares of Orchestra BioMed in a research note on Thursday, January 2nd. They set an “overweight” rating and a $16.00 target price for the company. Finally, Chardan Capital reiterated a “buy” rating and set a $20.00 target price on shares of Orchestra BioMed in a research note on Wednesday, November 13th.

Orchestra BioMed Price Performance

The company has a market cap of $160.80 million, a price-to-earnings ratio of -2.63 and a beta of 0.59. The firm’s 50 day simple moving average is $5.18 and its 200-day simple moving average is $5.38.

Hedge Funds Weigh In On Orchestra BioMed

Several large investors have recently bought and sold shares of OBIO. RTW Investments LP boosted its stake in Orchestra BioMed by 46.0% in the third quarter. RTW Investments LP now owns 8,206,159 shares of the company’s stock valued at $42,180,000 after acquiring an additional 2,585,519 shares in the last quarter. Boxer Capital Management LLC purchased a new stake in shares of Orchestra BioMed in the fourth quarter valued at about $953,000. State Street Corp raised its holdings in shares of Orchestra BioMed by 12.4% in the third quarter. State Street Corp now owns 429,613 shares of the company’s stock valued at $2,208,000 after buying an additional 47,308 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Orchestra BioMed by 354.5% in the fourth quarter. JPMorgan Chase & Co. now owns 49,405 shares of the company’s stock valued at $198,000 after buying an additional 38,535 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of Orchestra BioMed by 281.3% in the third quarter. Barclays PLC now owns 31,785 shares of the company’s stock valued at $163,000 after buying an additional 23,448 shares during 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.