Orchestra BioMed slips premarket after $75 mln share offering

The Toronto-Dominion Bank

Yesterday 13:09

**  Shares of Orchestra BioMed Holdings OBIO.O down 2.3% at $5.49 before the bell on Fri after $75 mln follow-on priced
** New Hope, Pennsylvania-based OBIO late Thurs announced 15 mln shares at $5, an 11% discount to last sale
** Piper Sandler and TD Cowen joint bookrunners, joined by BTIG
** 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
** As of Nov 4, co has ~61.45 mln shares outstanding, per the prospectus
** OBIO shares finished down ~6% on Thurs, trimming gain over the past three months to 35%
** All 7 analysts covering the stock are bullish; median PT $11, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com))