Orchestra BioMed slides after starting equity offering
BUZZ-Orchestra BioMed slides after starting equity offering ** Shares of Orchestra BioMed Holdings OBIO.O down 9.1% at $5.11 post-market after planned equity offering news
** New Hope, Pennsylvania-based OBIO commences stock offering; deal size not disclosed
** Piper Sandler and TD Cowen joint bookrunners
** Co intends to use net offering proceeds to fund its atrioventricular interval modulation (AVIM) therapy for treatment of hypertension, and its Virtue Sirolimus AngioInfusion Balloon (SAB) for treatment of atherosclerotic artery disease
** OBIO shares finished down 6.3% at $5.62 on Thurs. Stock has risen about 35% over the past three months
** Co has ~61.45 mln shares outstanding as of Nov 4, per the prospectus, for about $345 mln market cap
** All 7 analysts covering the stock are bullish; median PT is $11, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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