Orchestra BioMed (NASDAQ:OBIO) Trading 4.2% Higher – Here’s What Happened

Shares of Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) were up 4.2% during mid-day trading on Wednesday . The company traded as high as $4.10 and last traded at $4.00. Approximately 109,089 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 181,254 shares. The stock had previously closed at $3.84.

Analysts Set New Price Targets

Several analysts recently issued reports on OBIO shares. Barclays increased their target price on Orchestra BioMed from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, January 9th. TD Cowen began coverage on shares of Orchestra BioMed in a report on Wednesday, December 10th. They issued a “buy” rating on the stock. Finally, Chardan Capital reaffirmed a “buy” rating and set a $20.00 target price on shares of Orchestra BioMed in a research note on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Orchestra BioMed has an average rating of “Moderate Buy” and a consensus price target of $13.80.

Orchestra BioMed Stock Up 4.2%

The business’s 50 day simple moving average is $4.18 and its 200 day simple moving average is $3.65. The company has a current ratio of 4.73, a quick ratio of 4.72 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $225.88 million, a PE ratio of -2.20 and a beta of 0.61.

Hedge Funds Weigh In On Orchestra BioMed

A number of institutional investors and hedge funds have recently modified their holdings of OBIO. China Universal Asset Management Co. Ltd. purchased a new stake in Orchestra BioMed during the 4th quarter valued at $38,000. Catalyst Funds Management Pty Ltd bought a new position in Orchestra BioMed during the second quarter valued at $31,000. Creative Planning bought a new stake in shares of Orchestra BioMed in the 2nd quarter worth about $40,000. XTX Topco Ltd purchased a new position in shares of Orchestra BioMed during the 2nd quarter worth about $45,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Orchestra BioMed during the 4th quarter worth about $76,000. Hedge funds and other institutional investors own 53.20% of the company’s stock.

About Orchestra BioMed

Orchestra BioMed, Inc (NASDAQ: OBIO) is a clinical‐stage biopharmaceutical company dedicated to developing targeted therapies for inflammatory, fibrotic and oncologic diseases. The company’s research focuses on novel small-molecule programs designed to address high‐unmet-need conditions by leveraging proprietary prodrug and targeted inhibitor platforms. Orchestra BioMed’s pipeline includes lead candidates such as OBI-3424, a prodrug activated by AKR1C3 for the treatment of select solid tumors, and next-generation modulators aimed at suppressing pathological inflammation and fibrosis.

Orchestra BioMed conducts early‐ and mid-stage clinical studies in North America, working closely with key opinion leaders and academic centers to advance its programs.