HC Wainwright Forecasts Strong Price Appreciation for Orchestra BioMed (NASDAQ:OBIO) Stock

Orchestra BioMed (NASDAQ:OBIO) had its target price boosted by equities research analysts at HC Wainwright from $10.00 to $12.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright‘s target price would indicate a potential upside of 65.52% from the stock’s previous close.

Other analysts have also recently issued reports about the company. B. Riley Financial upped their target price on Orchestra BioMed from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th. Weiss Ratings raised Orchestra BioMed from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 10th. Chardan Capital reaffirmed a “buy” rating and set a $20.00 price target on shares of Orchestra BioMed in a research report on Friday, October 23rd. BTIG Research boosted their price objective on Orchestra BioMed from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday. Finally, Piper Sandler reissued an “overweight” rating on shares of Orchestra BioMed in a report on Thursday, October 15th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Orchestra BioMed presently has an average rating of “Moderate Buy” and a consensus target price of $13.29.

Orchestra BioMed Stock Performance

NASDAQ OBIO traded up $1.10 during trading hours on Friday, hitting $7.25. The company had a trading volume of 1,565,234 shares, compared to its average volume of 483,382. The company has a debt-to-equity ratio of 4.58, a quick ratio of 8.24 and a current ratio of 7.25. Orchestra BioMed has a 1-year low of $3.46 and a 1-year high of $7.37. The company has a market cap of $445.51 million, a PE ratio of -9.67 and a beta of 0.56. The business has a 50 day moving average of $5.86 and a 200-day moving average of $4.63.

Orchestra BioMed (NASDAQ:OBIO) last issued its quarterly earnings data on Tuesday, November 10th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. Orchestra BioMed had a negative return on equity of 186.93% and a negative net margin of 182.50%. The company had revenue of $0.09 million for the quarter, compared to analyst estimates of $0.13 million. As a group, equities research analysts expect that Orchestra BioMed will post -1.53 EPS for the current year.

Insider Buying and Selling

In related news, insider David Hochman purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were purchased at an average price of $4.79 per share, for a total transaction of $47,900.00. Following the transaction, the insider directly owned 1,070,746 shares of the company’s stock, valued at approximately $5,128,873.34. The trade was a 0.94% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric Fain purchased 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The stock was bought at an average price of $5.00 per share, for a total transaction of $100,000.00. Following the transaction, the director directly owned 119,630 shares in the company, valued at $598,150. This trade represents a 20.07% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 58,000 shares of company stock worth $288,560 and sold 45,000 shares worth $255,600. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Orchestra BioMed in the 2nd quarter worth $10,832,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Orchestra BioMed in the second quarter valued at about $2,771,000. Rice Hall James & Associates LLC purchased a new stake in shares of Orchestra BioMed in the second quarter valued at about $1,830,000. Flat Footed LLC purchased a new stake in shares of Orchestra BioMed in the second quarter valued at about $1,084,670. Finally, Bank of New York Mellon Corp acquired a new position in shares of Orchestra BioMed during the second quarter worth about $372,000. 53.20% of the stock is currently owned by hedge funds and other institutional investors.

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.