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On Monday, H.C. Wainwright reaffirmed their Buy rating on Orchestra BioMed Inc. (NASDAQ:OBIO) with a steady price target of $14.00. The stock, currently trading at $4.23, has analyst targets ranging from $14 to $20, according to InvestingPro data. The endorsement follows Orchestra BioMed’s recent progress report on their BACKBEAT study, which investigates the effectiveness of AVIM therapy in patients with uncontrolled hypertension despite medication.
The BACKBEAT study is a global, multi-center, prospective, randomized, double-blind trial. It involves approximately 500 patients in the U.S. and Europe who have received a Medtronic (NYSE:MDT) dual-chamber cardiac pacemaker. Participants are randomly assigned to either receive active AVIM therapy alongside their current antihypertensive drugs or to a control group where the AVIM therapy is not activated but antihypertensive drug therapy continues. The primary goal of the study is to measure the change in daily average blood pressure three months after randomization. The company maintains impressive gross profit margins of 93% and a healthy balance sheet with more cash than debt.
Orchestra BioMed anticipates completing patient enrollment for the study in the first half of 2026. The company is set to release its financial results on March 24, according to InvestingPro, which offers 8 additional key insights about the company’s financial health and market position. With these developments in mind, H.C. Wainwright has reiterated their positive stance on Orchestra BioMed’s stock, maintaining the $14 price target.
In other recent news, Orchestra BioMed Inc. has received an Overweight rating from Barclays (LON:BARC), with a price target set at $16.00. Barclays highlighted the company’s innovative approach to medical device development, which involves strategic partnerships with established manufacturers. This strategy is expected to drive rapid profitability and returns for investors, potentially 5-10 times faster than traditional MedTech startups. Orchestra BioMed’s clinical pipeline targets markets valued at approximately $14 billion, leveraging the global distribution and manufacturing infrastructure of its partners for accelerated earnings and shareholder returns. Although significant financial growth is anticipated to be several years away, Barclays predicts that clinical milestones, particularly for the lead AVIM program addressing hypertension, will draw increased interest. The company is currently enrolling patients for its FDA-approved U.S. pivotal trial of AVIM, aimed at treating uncontrolled systolic hypertension in pacemaker patients. Recent approvals have allowed Orchestra BioMed to broaden inclusion criteria and modify protocols to speed up patient enrollment. Updates on the enrollment timeline for this study are expected in the first quarter of 2025, with initial results projected 3-4 months after the last patient is enrolled.
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