Orchestra BioMed (NASDAQ:OBIO) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Orchestra BioMed (NASDAQ:OBIO) released its quarterly earnings results on Tuesday. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.03, Zacks reports. Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%. The business had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.81 million.

Orchestra BioMed Stock Up 2.3 %

Shares of Orchestra BioMed stock opened at $6.21 on Friday. Orchestra BioMed has a 52 week low of $4.22 and a 52 week high of $11.69. The company has a 50 day moving average price of $5.40 and a 200 day moving average price of $6.23.

Insider Activity at Orchestra BioMed

In related news, insider Darren Sherman sold 6,837 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $6.10, for a total value of $41,705.70. Following the completion of the transaction, the insider now owns 793,275 shares of the company’s stock, valued at approximately $4,838,977.50. This represents a 0.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 24,260 shares of company stock valued at $138,573 in the last ninety days. Company insiders own 6.70% of the company’s stock.

Analyst Upgrades and Downgrades

OBIO has been the subject of several research analyst reports. HC Wainwright initiated coverage on Orchestra BioMed in a research report on Thursday, August 22nd. They set a “buy” rating and a $14.00 target price for the company. Chardan Capital reiterated a “buy” rating and issued a $20.00 price target on shares of Orchestra BioMed in a research report on Wednesday. Finally, B. Riley initiated coverage on shares of Orchestra BioMed in a research report on Thursday, July 25th. They set a “buy” rating and a $15.00 price objective on the stock.

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.