Orchestra BioMed (NASDAQ:OBIO) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Orchestra BioMed (NASDAQ:OBIO) posted its earnings results on Monday. The company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.01, reports. The business had revenue of $0.42 million during the quarter, compared to analysts’ expectations of $0.89 million.

Orchestra BioMed Price Performance

NASDAQ:OBIO opened at $7.12 on Thursday. The firm has a 50 day simple moving average of $6.39 and a 200-day simple moving average of $8.70. Orchestra BioMed has a 1-year low of $4.26 and a 1-year high of $23.39.

Analyst Upgrades and Downgrades

Separately, Chardan Capital reaffirmed a “buy” rating and set a $20.00 price objective on shares of Orchestra BioMed in a research report on Wednesday, August 9th.

Institutional Trading of Orchestra BioMed

Several institutional investors have recently made changes to their positions in OBIO. RTW Investments LP acquired a new position in shares of Orchestra BioMed in the 1st quarter valued at approximately $100,169,000. Perceptive Advisors LLC bought a new position in shares of Orchestra BioMed in the first quarter valued at approximately $44,585,000. BlackRock Inc. bought a new position in shares of Orchestra BioMed in the first quarter valued at $13,790,000. Boxer Capital LLC purchased a new stake in Orchestra BioMed during the first quarter valued at about $4,893,000. Finally, Geode Capital Management LLC purchased a new position in Orchestra BioMed during the 1st quarter valued at about $2,446,000. 30.16% of the stock is owned by hedge funds and other institutional investors.

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; and Virtue Sirolimus AngioInfusion Balloon (SAB) for the treatment of atherosclerotic artery disease.