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

Orchestra BioMed (NASDAQ:OBIO) announced its quarterly earnings results on Tuesday. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.03, Zacks reports. The business had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.81 million. Orchestra BioMed had a negative return on equity of 102.19% and a negative net margin of 2,179.33%.

Orchestra BioMed Price Performance

Shares of OBIO traded up $0.31 during mid-day trading on Wednesday, reaching $5.97. The company had a trading volume of 39,116 shares, compared to its average volume of 76,207. The company has a market capitalization of $225.85 million, a P/E ratio of -3.81 and a beta of 0.42. Orchestra BioMed has a twelve month low of $4.22 and a twelve month high of $11.69. The company’s 50-day moving average is $5.40 and its 200-day moving average is $6.23.

Insiders Place Their Bets

In other news, insider Darren Sherman sold 6,819 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $5.65, for a total transaction of $38,527.35. Following the completion of the transaction, the insider now directly owns 779,495 shares of the company’s stock, valued at $4,404,146.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 24,260 shares of company stock worth $138,573 over the last ninety days. 6.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on OBIO. HC Wainwright started coverage on Orchestra BioMed in a research report on Thursday, August 22nd. They issued a “buy” rating and a $14.00 price target for the company. B. Riley assumed coverage on shares of Orchestra BioMed in a report on Thursday, July 25th. They set a “buy” rating and a $15.00 price objective for the company.

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.