Orchestra BioMed (NASDAQ:OBIO) Share Price Breaks Above 50 Day Moving Average – Here’s What Happened

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO)’s share price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $5.68 and traded as high as $5.84. Orchestra BioMed shares last traded at $5.78, with a volume of 376,770 shares traded.

Wall Street Analyst Weigh In

A number of analysts have weighed in on OBIO shares. Piper Sandler reiterated an “overweight” rating on shares of Orchestra BioMed in a research report on Thursday, October 15th. Weiss Ratings upgraded shares of Orchestra BioMed from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, September 10th. Chardan Capital restated a “buy” rating and issued a $20.00 target price on shares of Orchestra BioMed in a research note on Friday, October 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of Orchestra BioMed in a report on Monday, October 5th. Finally, B. Riley Financial increased their target price on shares of Orchestra BioMed from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, September 15th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.17.

Orchestra BioMed Stock Up 4.1%

The stock’s 50-day moving average price is $5.68 and its 200-day moving average price is $4.52. The company has a market capitalization of $347.41 million, a price-to-earnings ratio of -6.80 and a beta of 0.52.

Orchestra BioMed (NASDAQ:OBIO) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.01. The company had revenue of $0.09 million during the quarter, compared to the consensus estimate of $0.14 million. On average, equities research analysts anticipate that Orchestra BioMed Holdings, Inc. will post -1.53 EPS for the current year.

Insider Buying and Selling at Orchestra BioMed

In other news, insider Darren Sherman sold 15,000 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $6.36, for a total transaction of $95,400.00. Following the transaction, the insider owned 1,119,402 shares of the company’s stock, valued at $7,119,396.72. This represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Hochman purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was purchased at an average price of $4.79 per share, for a total transaction of $47,900.00. Following the acquisition, the insider owned 1,070,746 shares of the company’s stock, valued at $5,128,873.34. The trade was a 0.94% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 45,000 shares of company stock valued at $230,850 over the last three months. Insiders own 7.50% of the company’s stock.

Institutional Trading of Orchestra BioMed

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rice Hall James & Associates LLC bought a new position in shares of Orchestra BioMed in the 1st quarter valued at about $81,000. Canada Pension Plan Investment Board bought a new stake in shares of Orchestra BioMed during the second quarter worth approximately $91,000. Bank of America Corp DE bought a new stake in shares of Orchestra BioMed during the second quarter worth approximately $103,000. AXQ Capital LP acquired a new position in Orchestra BioMed in the second quarter valued at approximately $110,000. Finally, Algert Global LLC lifted its holdings in Orchestra BioMed by 94.4% in the second quarter. Algert Global LLC now owns 28,486 shares of the company’s stock valued at $123,000 after buying an additional 13,830 shares during the period. 53.20% of the stock is owned by institutional investors.

About Orchestra BioMed

Orchestra BioMed Holdings, Inc is a clinical-stage biotechnology and medical device company focused on developing technologies for cardiovascular disease and other high-need medical conditions. The company uses a partnership-driven business model, collaborating with established medical device and healthcare companies to advance products through clinical development and toward commercialization.

Its lead program is BackBeat Cardiac Neuromodulation Therapy, an investigational bioelectronic treatment intended to provide sustained reductions in blood pressure for patients with hypertension.