Orchestra BioMed (NASDAQ:OBIO) Stock Breaks Above Fifty Day Moving Average – Here’s What Happened

Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO)’s share price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $5.68 and traded as high as $5.84. Orchestra BioMed shares last traded at $5.78, with a volume of 376,770 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Orchestra BioMed in a research note on Monday, October 5th. Weiss Ratings raised Orchestra BioMed from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, September 10th. Piper Sandler reaffirmed an “overweight” rating on shares of Orchestra BioMed in a research note on Thursday, October 15th. Chardan Capital reissued a “buy” rating and issued a $20.00 target price on shares of Orchestra BioMed in a research note on Friday, October 23rd. Finally, B. Riley Financial raised their target price on Orchestra BioMed from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 15th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Orchestra BioMed has an average rating of “Moderate Buy” and a consensus price target of $13.17.

Orchestra BioMed Stock Up 4.1%

The company has a fifty day simple moving average of $5.68 and a two-hundred day simple moving average of $4.52. The stock has a market capitalization of $347.41 million, a P/E ratio of -6.80 and a beta of 0.52.

Orchestra BioMed (NASDAQ:OBIO) last posted its earnings results on Monday, August 10th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.01. The business had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.14 million. As a group, equities analysts forecast that Orchestra BioMed Holdings, Inc. will post -1.53 earnings per share for the current year.

Insider Activity

In other Orchestra BioMed news, insider David P. Hochman bought 10,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was acquired at an average cost of $4.79 per share, with a total value of $47,900.00. Following the purchase, the insider owned 1,070,746 shares in the company, valued at $5,128,873.34. This trade represents a 0.94% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Darren Sherman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $4.94, for a total value of $74,100.00. Following the sale, the insider directly owned 1,134,402 shares of the company’s stock, valued at approximately $5,603,945.88. The trade was a 1.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 45,000 shares of company stock worth $230,850 in the last quarter. 7.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Rice Hall James & Associates LLC bought a new position in Orchestra BioMed in the first quarter valued at approximately $81,000. Canada Pension Plan Investment Board acquired a new position in shares of Orchestra BioMed in the second quarter valued at approximately $91,000. Bank of America Corp DE bought a new stake in shares of Orchestra BioMed during the second quarter worth $103,000. AXQ Capital LP bought a new stake in shares of Orchestra BioMed during the second quarter worth $110,000. Finally, Algert Global LLC raised its holdings in shares of Orchestra BioMed by 94.4% during the second quarter. Algert Global LLC now owns 28,486 shares of the company’s stock worth $123,000 after acquiring an additional 13,830 shares during the period. Institutional investors own 53.20% of the company’s stock.

About Orchestra BioMed

Orchestra BioMed Holdings, Inc is a clinical-stage biotechnology and medical device company focused on developing technologies for cardiovascular disease and other high-need medical conditions. The company uses a partnership-driven business model, collaborating with established medical device and healthcare companies to advance products through clinical development and toward commercialization.

Its lead program is BackBeat Cardiac Neuromodulation Therapy, an investigational bioelectronic treatment intended to provide sustained reductions in blood pressure for patients with hypertension.