Chardan analyst Keay Nakae reiterated a Buy rating and $20.00 price target on Orchestra BioMed Inc. (NASDAQ: OBIO)

The analyst commented, "We maintain our Buy rating and 12-month price target of $20. We believe that OBIO is an intriguing story that warrants a new look by investors. While it took longer than expected, with resolution of the Terumo (unrated) dispute and other financial transactions to strengthen its balance sheet, Orchestra can now focus on the execution of the ongoing pivotal studies for its two lead assets, the BACKBEAT pivotal study of AVIM Therapy to treat hypertension, and the Virtue trial of its sirolimus drug eluting angioplasty balloon in patients with coronary in-stent restenosis (ISR)."

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Shares of Orchestra BioMed Inc. closed at $4.60 yesterday.