Barclays Initiates Coverage on Orchestra BioMed (NASDAQ:OBIO)

Equities researchers at Barclays assumed coverage on shares of Orchestra BioMed (NASDAQ:OBIO) in a note issued to investors on Thursday,Benzinga reports. The brokerage set an “overweight” rating and a $16.00 price target on the stock. Barclays‘s price objective suggests a potential upside of 300.00% from the company’s current price.

A number of other research firms have also commented on OBIO. Chardan Capital restated a “buy” rating and issued a $20.00 price objective on shares of Orchestra BioMed in a research report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and issued a $14.00 price target on shares of Orchestra BioMed in a report on Friday, November 15th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $15.80.

Orchestra BioMed Trading Down 5.9 %

Orchestra BioMed stock opened at $4.00 on Thursday. The firm has a 50 day simple moving average of $5.39 and a 200 day simple moving average of $6.03. Orchestra BioMed has a 1-year low of $3.96 and a 1-year high of $10.06. The firm has a market capitalization of $152.04 million, a price-to-earnings ratio of -2.48 and a beta of 0.44.

Orchestra BioMed (NASDAQ:OBIO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.03. The company had revenue of $0.99 million for the quarter, compared to analyst estimates of $0.81 million. Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%. On average, equities research analysts forecast that Orchestra BioMed will post -1.66 EPS for the current year.

Institutional Investors Weigh In On Orchestra BioMed

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. RTW Investments LP raised its position in shares of Orchestra BioMed by 46.0% during the 3rd quarter. RTW Investments LP now owns 8,206,159 shares of the company’s stock valued at $42,180,000 after buying an additional 2,585,519 shares in the last quarter. Geode Capital Management LLC increased its stake in Orchestra BioMed by 2.0% in the third quarter. Geode Capital Management LLC now owns 567,219 shares of the company’s stock valued at $2,916,000 after acquiring an additional 11,002 shares during the last quarter. State Street Corp raised its position in Orchestra BioMed by 12.4% during the third quarter. State Street Corp now owns 429,613 shares of the company’s stock valued at $2,208,000 after purchasing an additional 47,308 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Orchestra BioMed by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 217,008 shares of the company’s stock worth $1,115,000 after purchasing an additional 8,107 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Orchestra BioMed by 115.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 70,682 shares of the company’s stock worth $576,000 after purchasing an additional 37,906 shares in the last quarter. 53.55% of the stock is owned by hedge funds and other institutional investors.

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.