Orchestra BioMed (NASDAQ:OBIO) Stock Breaks Above 50 Day Moving Average – What’s Next?

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO)’s stock price crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $5.79 and traded as high as $6.34. Orchestra BioMed shares last traded at $6.01, with a volume of 452,903 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have issued reports on OBIO. Weiss Ratings raised shares of Orchestra BioMed from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, September 10th. HC Wainwright reiterated a “buy” rating and set a $10.00 price objective on shares of Orchestra BioMed in a report on Monday, October 5th. B. Riley Financial increased their price objective on Orchestra BioMed from $10.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. Chardan Capital reissued a “buy” rating and issued a $20.00 price objective on shares of Orchestra BioMed in a research report on Friday, October 23rd. Finally, Piper Sandler restated an “overweight” rating on shares of Orchestra BioMed in a research note on Thursday, October 15th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $13.17.

Orchestra BioMed Stock Up 4.9%

The company has a market capitalization of $369.33 million, a price-to-earnings ratio of -8.01 and a beta of 0.56. The company has a debt-to-equity ratio of 1.80, a quick ratio of 8.24 and a current ratio of 8.26. The business’s 50 day moving average is $5.79 and its 200 day moving average is $4.60.

Orchestra BioMed (NASDAQ:OBIO) last issued its quarterly earnings results on Tuesday, November 10th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. Orchestra BioMed had a negative net margin of 182.50% and a negative return on equity of 149.76%. The business had revenue of $0.09 million for the quarter, compared to analyst estimates of $0.13 million. Sell-side analysts anticipate that Orchestra BioMed Holdings, Inc. will post -1.53 earnings per share for the current year.

Insider Activity at Orchestra BioMed

In related news, insider Darren Sherman sold 15,000 shares of the company’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $5.74, for a total value of $86,100.00. Following the transaction, the insider directly owned 1,104,402 shares of the company’s stock, valued at $6,339,267.48. This represents a 1.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Pacitti bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The stock was purchased at an average cost of $5.00 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the director owned 74,750 shares in the company, valued at $373,750. This trade represents a 36.53% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 58,000 shares of company stock valued at $288,560 and have sold 45,000 shares valued at $255,600. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Orchestra BioMed

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Orchestra BioMed during the 2nd quarter worth about $10,832,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Orchestra BioMed in the second quarter valued at about $2,771,000. Rice Hall James & Associates LLC acquired a new position in shares of Orchestra BioMed in the second quarter valued at about $1,830,000. Flat Footed LLC purchased a new position in shares of Orchestra BioMed in the second quarter worth about $1,084,670. Finally, Bank of New York Mellon Corp purchased a new position in shares of Orchestra BioMed in the second quarter worth about $372,000. Institutional investors and hedge funds own 53.20% of the company’s stock.

About Orchestra BioMed

Orchestra BioMed is a medical technology company that develops therapies for cardiovascular and other diseases, often in collaboration with established medical-device companies. Its work focuses on technologies intended to integrate with existing treatment approaches and devices. The company’s lead program, AVIM therapy, is designed to lower blood pressure in people with pacemakers by adjusting the timing of cardiac pacing. Orchestra BioMed is also developing Virtue SAB, a drug-delivery balloon intended to treat coronary artery disease by delivering sirolimus to blood vessels.