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

Orchestra BioMed (NASDAQ:OBIO) posted its earnings results on Tuesday. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.03, Zacks reports. The firm had revenue of $0.99 million during 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

OBIO stock traded up $0.14 during mid-day trading on Thursday, reaching $6.21. 93,088 shares of the company traded hands, compared to its average volume of 76,396. The company has a fifty day moving average price of $5.40 and a 200-day moving average price of $6.23. The company has a market capitalization of $234.92 million, a P/E ratio of -3.77 and a beta of 0.42. Orchestra BioMed has a 52-week low of $4.22 and a 52-week high of $11.69.

Insider Buying and Selling

In related news, insider Darren Sherman sold 6,804 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $5.48, for a total value of $37,285.92. Following the transaction, the insider now owns 772,691 shares of the company’s stock, valued at $4,234,346.68. This represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 24,260 shares of company stock valued at $138,573. Company insiders own 6.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on OBIO shares. HC Wainwright began coverage on shares of Orchestra BioMed in a research note on Thursday, August 22nd. They set a “buy” rating and a $14.00 target price for the company. B. Riley began coverage on shares of Orchestra BioMed in a report on Thursday, July 25th. They set a “buy” rating and a $15.00 price target on the stock. Finally, Chardan Capital restated a “buy” rating and set a $20.00 price objective on shares of Orchestra BioMed in a report on Wednesday.

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.