Insider Selling: Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) Insider Sells 6,819 Shares of Stock

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) insider Darren Sherman sold 6,819 shares of Orchestra BioMed stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $5.65, for a total value of $38,527.35. Following the sale, the insider now directly owns 779,495 shares in the company, valued at $4,404,146.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Darren Sherman also recently made the following trade(s):

• On Wednesday, September 4th, Darren Sherman sold 6,837 shares of Orchestra BioMed stock. The shares were sold at an average price of $6.10, for a total value of $41,705.70.

Orchestra BioMed Stock Down 3.1 %

Shares of OBIO stock traded down $0.18 during trading hours on Friday, hitting $5.61. 36,179 shares of the company’s stock traded hands, compared to its average volume of 80,701. The stock’s fifty day simple moving average is $7.05 and its two-hundred day simple moving average is $6.24. Orchestra BioMed Holdings, Inc. has a 12-month low of $4.22 and a 12-month high of $11.69. The stock has a market cap of $200.77 million, a price-to-earnings ratio of -3.79 and a beta of 0.44.

Orchestra BioMed (NASDAQ:OBIO) last released its earnings results on Monday, August 12th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.04). Orchestra BioMed had a negative net margin of 2,673.26% and a negative return on equity of 89.28%. The business had revenue of $0.78 million for the quarter, compared to analysts’ expectations of $1.04 million. On average, equities analysts forecast that Orchestra BioMed Holdings, Inc. will post -1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Orchestra BioMed

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in 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 acquiring an additional 37,906 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Orchestra BioMed by 8.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 42,082 shares of the company’s stock worth $343,000 after acquiring an additional 3,245 shares during the last quarter. Rhumbline Advisers raised its holdings in Orchestra BioMed by 192.7% in the 2nd quarter. Rhumbline Advisers now owns 26,439 shares of the company’s stock worth $215,000 after acquiring an additional 17,405 shares during the last quarter. Catalytic Wealth RIA LLC purchased a new position in Orchestra BioMed in the 1st quarter worth approximately $117,000. Finally, SkyView Investment Advisors LLC purchased a new position in Orchestra BioMed in the 2nd quarter worth approximately $163,000. 53.55% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on OBIO shares. B. Riley started coverage on Orchestra BioMed in a research report on Thursday, July 25th. They set a “buy” rating and a $15.00 price objective on the stock. Chardan Capital reaffirmed a “buy” rating and set a $20.00 price objective on shares of Orchestra BioMed in a research report on Wednesday, June 12th. Finally, HC Wainwright assumed coverage on shares of Orchestra BioMed in a report on Thursday, August 22nd. They set a “buy” rating and a $14.00 target price for the company.

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.