Orchestra BioMed (NASDAQ:OBIO) Earns Buy Rating from Analysts at BTIG Research

Equities researchers at BTIG Research initiated coverage on shares of Orchestra BioMed (NASDAQ:OBIO) in a report released on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating and a $12.00 price target on the stock. BTIG Research’s price target indicates a potential upside of 166.08% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. HC Wainwright restated a “buy” rating and issued a $14.00 price target on shares of Orchestra BioMed in a research report on Monday, March 10th. Barclays assumed coverage on shares of Orchestra BioMed in a report on Thursday, January 2nd. They set an “overweight” rating and a $16.00 price objective on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $15.40.

Orchestra BioMed Price Performance

NASDAQ:OBIO opened at $4.51 on Thursday. The company has a market cap of $171.44 million, a PE ratio of -2.80 and a beta of 0.59. Orchestra BioMed has a one year low of $3.75 and a one year high of $8.87. The firm’s 50 day simple moving average is $4.99 and its 200 day simple moving average is $5.22.

Hedge Funds Weigh In On Orchestra BioMed

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its holdings in Orchestra BioMed by 26.0% during the fourth quarter. SG Americas Securities LLC now owns 12,785 shares of the company’s stock valued at $51,000 after purchasing an additional 2,642 shares during the last quarter. Wells Fargo & Company MN raised its stake in Orchestra BioMed by 43.6% in the fourth quarter. Wells Fargo & Company MN now owns 13,156 shares of the company’s stock valued at $53,000 after purchasing an additional 3,992 shares in the last quarter. Millennium Management LLC purchased a new stake in Orchestra BioMed in the fourth quarter valued at approximately $86,000. Bank of America Corp DE raised its stake in shares of Orchestra BioMed by 42.0% during the fourth quarter. Bank of America Corp DE now owns 23,780 shares of the company’s stock worth $95,000 after acquiring an additional 7,036 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Orchestra BioMed by 11.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,009 shares of the company’s stock worth $148,000 after acquiring an additional 3,704 shares in the last quarter. 53.55% of the stock is owned by hedge funds and other institutional investors.

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.