Flat Footed LLC Invests $1.08 Billion in Orchestra BioMed Holdings, Inc. $OBIO

Flat Footed LLC acquired a new stake in shares of Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 251,372 shares of the company’s stock, valued at approximately $1,084,670,000. Orchestra BioMed accounts for approximately 0.1% of Flat Footed LLC’s portfolio, making the stock its 18th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Knott David M Jr increased its stake in shares of Orchestra BioMed by 1.5% in the first quarter. Knott David M Jr now owns 253,651 shares of the company’s stock worth $1,078,000 after purchasing an additional 3,651 shares in the last quarter. Citadel Advisors LLC boosted its holdings in Orchestra BioMed by 9.2% in the 3rd quarter. Citadel Advisors LLC now owns 54,002 shares of the company’s stock worth $134,000 after buying an additional 4,561 shares during the period. Bank of America Corp DE increased its stake in Orchestra BioMed by 35.7% in the 2nd quarter. Bank of America Corp DE now owns 21,577 shares of the company’s stock worth $58,000 after buying an additional 5,678 shares in the last quarter. Virtu Financial LLC purchased a new stake in Orchestra BioMed in the 4th quarter worth $57,000. Finally, Algert Global LLC raised its holdings in Orchestra BioMed by 94.4% during the second quarter. Algert Global LLC now owns 28,486 shares of the company’s stock valued at $123,000 after acquiring an additional 13,830 shares during the period. Institutional investors own 53.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on OBIO. Weiss Ratings restated a “sell (e+)” rating on shares of Orchestra BioMed in a research report on Friday, July 17th. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Orchestra BioMed in a report on Thursday, May 14th. Wall Street Zen lowered shares of Orchestra BioMed from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Piper Sandler reiterated an “overweight” rating and issued a $10.00 price target (up from $9.00) on shares of Orchestra BioMed in a report on Tuesday, August 11th. Finally, Barclays boosted their price target on shares of Orchestra BioMed from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $13.00.

Insider Activity at Orchestra BioMed

In other Orchestra BioMed news, insider Darren Sherman sold 15,000 shares of Orchestra BioMed stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $4.09, for a total value of $61,350.00. Following the completion of the transaction, the insider directly owned 1,154,327 shares of the company’s stock, valued at $4,721,197.43. This trade represents a 1.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 7.50% of the stock is owned by insiders.

Orchestra BioMed Stock Down 1.5%

Shares of OBIO opened at $5.36 on Wednesday. The company has a debt-to-equity ratio of 1.80, a current ratio of 8.26 and a quick ratio of 8.24. The stock has a market capitalization of $322.14 million, a price-to-earnings ratio of -6.31 and a beta of 0.50. Orchestra BioMed Holdings, Inc. has a 1 year low of $2.20 and a 1 year high of $5.78. The business’s 50 day simple moving average is $4.22 and its 200-day simple moving average is $4.19.

Orchestra BioMed (NASDAQ:OBIO) last posted its earnings results on Monday, August 10th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.01. Orchestra BioMed had a negative net margin of 184.60% and a negative return on equity of 149.61%. The firm had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.14 million. As a group, equities analysts expect that Orchestra BioMed Holdings, Inc. will post -1.53 earnings per share for the current fiscal year.

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.