Orchestra BioMed (OBIO)


Market Price (9/10/2026): $5.6 | Market Cap: $357.3 MilSector: Health Care | Industry: Biotechnology

Orchestra BioMed (OBIO)


Market Price (9/10/2026): $5.6
Market Cap: $357.3 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 986%

Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Targeted Therapies, Show more.

Trading close to highs
Dist 52W High is -3.7%

Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -82%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.12

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -58 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -181%

Stock price has recently run up significantly
12M Rtn12 month market price return is 101%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -89%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -182%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -185%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%

Key risks
OBIO key risks include [1] failure to obtain regulatory approval for its Virtue® SAB and BackBeat CNT™ product candidates, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 986%
2 Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Targeted Therapies, Show more.
3 Trading close to highs
Dist 52W High is -3.7%
4 Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -82%
5 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.12
6 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -58 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -181%
7 Stock price has recently run up significantly
12M Rtn12 month market price return is 101%
8 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -89%
9 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35%
10 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -182%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -185%
11 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%
12 Key risks
OBIO key risks include [1] failure to obtain regulatory approval for its Virtue® SAB and BackBeat CNT™ product candidates, Show more.

OBIO in ETFs

Weight = OBIO's share of each fund

VTI0.00%
IWM0.01%
IWO0.01%
VTWO0.00%
SCHA0.00%
SCHB0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/8/2026

Orchestra BioMed (OBIO) stock has gained about 40% since 5/31/2026 because of the following key factors:

1. Advancement in Pivotal Cardiovascular Programs.

Orchestra BioMed made significant progress in its pivotal clinical trials. The BACKBEAT global pivotal trial for Atrioventricular Interval Modulation (AVIM) Therapy, developed in collaboration with Medtronic, remained on track to reach its target of 284 evaluable randomized patients by the end of fiscal Q3 2026. Primary endpoint data presentation for AVIM Therapy is targeted for fiscal Q2 2027. Concurrently, the Virtue® Sirolimus AngioInfusion™ Balloon (Virtue SAB) pivotal trial continued to advance with additional site activations and patient enrollment.

2. Receipt of Second FDA Breakthrough Device Designation.

In fiscal Q2 2026 (the quarter ended June 30, 2026), AVIM Therapy received a second FDA Breakthrough Device Designation. This designation specifically targets patients with uncontrolled hypertension who are also indicated for a pacemaker, underscoring the therapy's potential and facilitating expedited regulatory review.

Show more
Updated on 9/8/2026

Orchestra BioMed (OBIO) stock has gained about 40% since 5/31/2026 because of the following key factors:

1. Advancement in Pivotal Cardiovascular Programs.

Orchestra BioMed made significant progress in its pivotal clinical trials. The BACKBEAT global pivotal trial for Atrioventricular Interval Modulation (AVIM) Therapy, developed in collaboration with Medtronic, remained on track to reach its target of 284 evaluable randomized patients by the end of fiscal Q3 2026. Primary endpoint data presentation for AVIM Therapy is targeted for fiscal Q2 2027. Concurrently, the Virtue® Sirolimus AngioInfusion™ Balloon (Virtue SAB) pivotal trial continued to advance with additional site activations and patient enrollment.

2. Receipt of Second FDA Breakthrough Device Designation.

In fiscal Q2 2026 (the quarter ended June 30, 2026), AVIM Therapy received a second FDA Breakthrough Device Designation. This designation specifically targets patients with uncontrolled hypertension who are also indicated for a pacemaker, underscoring the therapy's potential and facilitating expedited regulatory review.

3. Strengthened Financial Position and Strategic Capital Infusion.

Orchestra BioMed significantly fortified its financial runway by securing an additional $35 million in strategic capital from Medtronic and Ligand during fiscal Q2 2026. This infusion brought the company's total cash, cash equivalents, and marketable securities to $110.0 million as of June 30, 2026, providing a projected operating runway into fiscal Q4 2027.

4. Inclusion in Russell Indexes and Increased Institutional Investment.

Effective June 26, 2026, Orchestra BioMed was added to both the broad-market Russell 3000® Index and the small-cap Russell 2000® Index. This inclusion typically increases a company's visibility and liquidity, attracting greater institutional interest. During this period, institutional investment also notably increased, with BlackRock Inc. purchasing a new stake valued at approximately $10.83 million in fiscal Q2 2026.

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Stock Movement Drivers

Fundamental Drivers

The 39.4% change in OBIO stock from 5/31/2026 to 9/9/2026 was primarily driven by a 45.1% change in the company's P/S Multiple.
(LTM values as of)53120269092026Change
Stock Price ($)3.915.4539.4%
Change Contribution By: 
Total Revenues ($ Mil)3332-2.3%
P/S Multiple7.510.945.1%
Shares Outstanding (Mil)6364-1.7%
Cumulative Contribution39.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/9/2026
ReturnCorrelation
OBIO39.4% 
Market (SPY)0.8%6.6%
Sector (XLV)11.4%14.4%

Fundamental Drivers

The 24.4% change in OBIO stock from 2/28/2026 to 9/9/2026 was primarily driven by a 1034.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820269092026Change
Stock Price ($)4.385.4524.4%
Change Contribution By: 
Total Revenues ($ Mil)3321034.7%
P/S Multiple81.110.9-86.6%
Shares Outstanding (Mil)5264-18.2%
Cumulative Contribution24.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/9/2026
ReturnCorrelation
OBIO24.4% 
Market (SPY)11.4%27.6%
Sector (XLV)4.4%30.5%

Fundamental Drivers

The 99.6% change in OBIO stock from 8/31/2025 to 9/9/2026 was primarily driven by a 986.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120259092026Change
Stock Price ($)2.735.4599.6%
Change Contribution By: 
Total Revenues ($ Mil)332986.1%
P/S Multiple35.610.9-69.5%
Shares Outstanding (Mil)3864-39.8%
Cumulative Contribution99.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/9/2026
ReturnCorrelation
OBIO99.6% 
Market (SPY)19.2%24.8%
Sector (XLV)22.8%28.2%

Fundamental Drivers

The -12.7% change in OBIO stock from 8/31/2023 to 9/9/2026 was primarily driven by a -78.1% change in the company's P/S Multiple.
(LTM values as of)83120239092026Change
Stock Price ($)6.245.45-12.7%
Change Contribution By: 
Total Revenues ($ Mil)432635.9%
P/S Multiple49.710.9-78.1%
Shares Outstanding (Mil)3564-45.8%
Cumulative Contribution-12.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/9/2026
ReturnCorrelation
OBIO-12.7% 
Market (SPY)75.3%25.2%
Sector (XLV)30.9%19.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
OBIO Return-21%-1%-9%-56%4%31%-58%
Peers Return20%-19%10%-8%-5%-26%-31%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
OBIO Win Rate33%67%50%33%33%44% 
Peers Win Rate54%44%52%60%52%42% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
OBIO Max Drawdown-33%-3%-80%-57%-61%-28% 
Peers Max Drawdown-18%-34%-22%-19%-28%-42% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDT, BSX, ABT, EW, AMIX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/9/2026 (YTD)

How Low Can It Go

EventOBIOS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-35.8%-9.5%
  % Gain to Breakeven55.9%10.5%
  Time to Breakeven22 days24 days
2023 SVB Regional Banking Crisis
  % Loss-22.1%-6.7%
  % Gain to Breakeven28.4%7.1%
  Time to Breakeven74 days31 days

Compare to MDT, BSX, ABT, EW, AMIX

In The Past

Orchestra BioMed's stock fell -35.8% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 55.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventOBIOS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-35.8%-9.5%
  % Gain to Breakeven55.9%10.5%
  Time to Breakeven22 days24 days
2023 SVB Regional Banking Crisis
  % Loss-22.1%-6.7%
  % Gain to Breakeven28.4%7.1%
  Time to Breakeven74 days31 days

Compare to MDT, BSX, ABT, EW, AMIX

In The Past

Orchestra BioMed's stock fell -35.8% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 55.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Orchestra BioMed (OBIO)

Orchestra BioMed, trading under the symbol OBIO, operates as a Special Purpose Acquisition Company (SPAC), which is essentially a shell corporation without significant ongoing business operations. Its primary purpose is to identify and effect a business combination with one or more private operating businesses. This strategic maneuver typically involves a merger, share exchange, asset acquisition, share purchase, recapitalization, or reorganization.

As a SPAC, Orchestra BioMed does not currently offer products or services in the conventional sense. Instead, its core "offering" is the vehicle it provides for a private company to become a publicly traded entity. The primary "customers" or "markets" it addresses are twofold: investors who purchase its shares, anticipating a future merger with an attractive operating company, and private businesses seeking an alternative path to the public markets through an acquisition by the SPAC.

AI Analysis | Feedback

Here are 1-2 brief analogies for Orchestra BioMed (OBIO), based on the provided background description of it as a SPAC:

  1. It's like a publicly traded private equity firm whose sole mission is to acquire one private company and take it public.
  2. Think of it as a publicly listed investment fund that specializes in finding and acquiring a single private company to bring to the stock market.

AI Analysis | Feedback

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  • Virtue® Sirolimus-Eluting Balloon (SEB): A drug-eluting balloon designed to prevent restenosis in patients with coronary and peripheral artery disease by delivering sirolimus to the vessel wall.
  • BACKBEAT™ Cardiac Neuromodulation Therapy (CNT): A therapy platform under development that aims to reduce blood pressure in pacemaker patients by modulating the autonomic nervous system via specialized pacing.
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David P. Hochman, Chairman, Chief Executive Officer and Founder

Mr. Hochman has served as Chairman and Chief Executive Officer of Orchestra BioMed since May 2018. He is also the founder of Orchestra BioMed, Orchestra Medical Ventures, an investment firm focused on creating high-impact medical device therapies, and Accelerated Technologies, Inc., a medical device accelerator company now owned by Orchestra BioMed. With over two decades of experience in healthcare entrepreneurship, venture capital, and investment banking, Mr. Hochman was a co-founder of PROLOR Biotech, Inc., which was acquired by Opko Health for over $600 million in 2013. He also served as a board advisor of Health Dialog Services Corporation, acquired in 2008 by the British United Provident Association for $750 million. Prior to Orchestra Medical Ventures, Mr. Hochman was Chief Executive Officer of Spencer Trask Edison Partners, LLC, an investment partnership focused on early-stage healthcare companies.

Andrew Taylor, Chief Financial Officer

Mr. Taylor was appointed Chief Financial Officer of Orchestra BioMed in June 2023. He brings over 20 years of CFO experience, with the last 15 years in the medical device sector. Previously, Mr. Taylor served as CFO of Motus GI Holdings, Inc., where he helped lead the company's 2018 IPO. He also spent 10 years as CFO and President of Avertix Medical, Inc. (formerly Angel Medical Systems, Inc.) and was CFO and Corporate Director of Operations for Safe3w, Inc. (acquired by iPass).

Darren R. Sherman, President, Chief Operating Officer and Founder

Mr. Sherman serves as President, Chief Operating Officer, and a Founder of Orchestra BioMed.

Bill Little, Executive Vice President, Corporate Development and Strategy

Mr. Little joined Orchestra BioMed in June 2023. Prior to joining Orchestra BioMed, he served as Chief Operating Officer at Neovasc, which was successfully acquired by Shockwave Medical in April 2023. He has 25 years of experience in the medical device industry, including leadership roles at Abbott Vascular, where he was Divisional Vice President of Global Marketing, and St. Jude Medical, where he served as Vice President of Global Cardiovascular Therapies.

Mark Pomeranz, Executive Vice President and General Manager, Interventional Therapies

Mr. Pomeranz joined Orchestra BioMed in November 2024, bringing over 35 years of experience in the medical device industry. He has a track record of commercializing more than 50 products. Prior to Orchestra BioMed, he was CEO of Motus GI and was the founding CEO of Svelte Medical Systems from 2007 to 2014, where he led the development of a drug-eluting stent platform. He also spent nearly a decade at Cordis, a Johnson & Johnson company, as Vice President.

AI Analysis | Feedback

Orchestra BioMed (OBIO) faces several key risks inherent to its operations as a biomedical innovation company focused on developing and commercializing medical technologies through strategic partnerships. The most significant risks to Orchestra BioMed's business include:
  1. Clinical Trial and Regulatory Approval Risks: As a company developing medical devices and therapies, Orchestra BioMed is subject to inherent risks associated with the success rates of clinical trials and the arduous process of obtaining regulatory approvals. The company's flagship product candidates, AVIM Therapy for hypertension and Virtue Sirolimus AngioInfusion Balloon (SAB) for atherosclerotic artery disease, are currently in clinical development. The failure of these trials or the inability to secure necessary regulatory approvals (e.g., FDA approval) would significantly impede the company's ability to commercialize its products and generate substantial revenue, making it a fundamentally speculative investment at this stage of development.
  2. Financial Health and Profitability Challenges: Despite reporting some revenue increases, Orchestra BioMed has demonstrated ongoing challenges with profitability, exhibiting significant net losses and negative earnings per share. The company's net margin and operating margin are substantially negative, reflecting high operational costs, particularly in research and development due to ongoing pivotal studies. While the company has secured new capital and extended its cash runway, persistent unprofitability and significant cash burn raise concerns about its long-term financial stability and its ability to fund crucial clinical programs if substantial, sustainable revenues are not achieved.
  3. High Stock Volatility: Orchestra BioMed's stock exhibits high volatility, with a beta of 1.9, indicating greater sensitivity to overall market movements. This high volatility suggests that the stock price can experience significant fluctuations, which may present a higher risk for investors.

AI Analysis | Feedback

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Orchestra BioMed (OBIO) focuses on two primary product candidates with significant addressable markets:

  • Atrioventricular Interval Modulation (AVIM) Therapy (also known as BackBeat Cardiac Neuromodulation Therapy): This therapy is designed for the treatment of hypertension. Orchestra BioMed estimates an addressable market of over 7.7 million patients in the U.S. who meet the criteria for Breakthrough Device Designation for AVIM therapy, specifically those with uncontrolled hypertension and increased cardiovascular risk who are indicated for a pacemaker. Additionally, the company estimates a worldwide annual market comprising at least 3.7 million patients with uncontrolled hypertension not yet indicated for a pacemaker but with high cardiovascular risk and co-morbidities, representing a potential annual revenue opportunity of over $15 billion.
  • Virtue® Sirolimus AngioInfusion™ Balloon (Virtue SAB): This product is for the treatment of atherosclerotic artery disease. Orchestra BioMed estimates the total global market opportunity for drug-eluting balloons, which includes Virtue SAB, to be over $10 billion annually. For context, the broader global angioplasty balloons market was valued at US$3 billion in 2023 and is projected to reach US$4.2 billion by the end of 2033, with the United States holding a 40% market share.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Orchestra BioMed (OBIO) over the next 2-3 years:

  1. Commercialization of BackBeat Cardiac Neuromodulation Therapy (AVIM Therapy) for Hypertension: Orchestra BioMed's flagship product candidate, BackBeat Cardiac Neuromodulation Therapy (CNT), also referred to as Atrioventricular Interval Modulation (AVIM) therapy, is designed to treat hypertension. The company is actively accelerating patient enrollment in the global pivotal BACKBEAT study in collaboration with Medtronic. The AVIM therapy has received FDA Breakthrough Device Designation, which could expedite its path through the regulatory approval process. With an estimated total addressable market of 750,000 patients worldwide annually and a potential revenue opportunity of $2 billion, successful completion of clinical trials and subsequent commercial launch of AVIM therapy are significant revenue drivers.
  2. Commercialization of Virtue Sirolimus AngioInfusion Balloon (Virtue SAB) for Artery Disease: The Virtue Sirolimus AngioInfusion Balloon (Virtue SAB), a proprietary drug/device combination product, is another lead product candidate aimed at treating atherosclerotic artery disease. Orchestra BioMed has initiated patient enrollments in the Virtue SAB U.S. pivotal trial, comparing it to a commercially available paclitaxel-coated balloon. The company has also established a right of first refusal agreement with Terumo related to Virtue SAB for coronary artery disease, following a new agreement in late 2025 that significantly contributed to 2025 revenue. Future revenue growth is anticipated from the eventual commercialization and market penetration of Virtue SAB through this strategic partnership.
  3. Expansion and Leveraging of Strategic Partnerships: Orchestra BioMed operates with a partnership-enabled business model, forging collaborations with market-leading global medical device companies to accelerate the commercialization of its products. These partnerships, such as those with Medtronic for AVIM Therapy and Terumo for Virtue SAB, are crucial for sharing development costs and gaining access to established commercial networks and customers globally. The company bolstered its financial position with approximately $150 million in new capital and commitments from strategic transactions with Medtronic, Ligand, and Terumo in the second half of 2025, which underscores the importance of these collaborations for funding and future revenue streams.
  4. Successful Outcomes of Pivotal Clinical Trials and Regulatory Approvals: A primary driver of future revenue growth hinges on the successful execution and positive outcomes of the ongoing pivotal clinical trials for both AVIM Therapy (BACKBEAT study) and Virtue SAB (Virtue Trial). Favorable results from these trials are essential for obtaining regulatory approvals from bodies like the FDA, which will enable the company and its partners to market and sell these high-impact therapies in large, established global procedure markets.

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Share Issuance

  • In August 2025, Orchestra BioMed raised approximately $40 million in gross proceeds from a public follow-on offering of 9,413,367 shares of common stock and pre-funded warrants to purchase up to 5,136,363 shares, priced at $2.75 per share.
  • As part of strategic transactions in August 2025, Medtronic invested $11.2 million and Ligand invested $5 million in private placements of common stock, contributing to total gross proceeds of $56.2 million from equity offerings including the public offering.
  • The number of outstanding shares increased by 48.5% in the past year, indicating substantial dilution.

Inbound Investments

  • In the second half of 2025, Orchestra BioMed secured nearly $150 million in new capital and capital commitments through strategic transactions, including partnerships with Medtronic, Ligand, and Terumo.
  • In July 2025, Orchestra BioMed secured $70 million in new capital from Ligand Pharmaceuticals and Medtronic. Ligand committed $35 million in exchange for a tiered royalty on future sales and a $5 million equity investment, while Medtronic committed $20 million via a convertible promissory note and $10 million for shares in an equity private placement.
  • Terumo invested an additional $20.0 million in Orchestra BioMed through a new series of non-voting convertible preferred stock, convertible into common stock at a minimum of $12 per share.

Outbound Investments

  • Orchestra BioMed is expected to receive up to $21 million in total proceeds in connection with the acquisition of Vivasure Medical, a former strategic holding of Orchestra BioMed, by Haemonetics.

Capital Expenditures

  • Capital expenditures for Orchestra BioMed Holdings, Inc. were -$489.0 thousand in 2025, representing a 69.2% year-over-year decrease.
  • Net cash used in operating activities and for the purchase of fixed assets (excluding certain payments) was $66.9 million in 2025, primarily driven by increased cash outflows for research and development and clinical trial activities.
  • Research and development expenses significantly increased by 36% to $58.2 million in 2025, primarily due to the ongoing BACKBEAT global pivotal study and the Virtue SAB program.

Better Bets vs. Orchestra BioMed (OBIO)

Peer Outperformance in Biotechnology

OBIO has outperformed 66% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that OBIO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
82%
of 455 industry peers · 101.1% return
3Y
55%
of 402 industry peers · -12.0% return
5Y
66%
of 361 industry peers · -44.4% return
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Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is OBIO's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 7 9.1%83.8%83.8% CAH 407% · MCK 351% · COR 178%
Managed Health Care 8 38.3%-4.9%6.6% OSCR 81% · HQY 45% · ELV 18%
Health Care Services 20 17.3%51.9%0.9% HIMS 220% · RDNT 141% · DGX 67%
Health Care Facilities 24 1.4%4.2%-16.7% NHC 271% · THC 270% · ENSG 117%
Health Care Equipment 50 -3.5%-2.1%-26.1% POCI 10775% · UFPT 319% · GKOS 243%
Health Care Supplies 12 25.1%-12.6%-36.3% LNTH 288% · HAE 53% · MMSI 22%
Pharmaceuticals 62 -3.0%4.7%-38.5% LQDA 2441% · INDV 1146% · ETON 1074%
Life Sciences Tools & Services 109 -2.3%-26.5%-71.5% SNWV 1549% · MEDP 206% · AXGN 188%
Health Care Technology 20 -25.4%-55.7%-78.6% SPOK 76% · HSTM -3% · VEEV -14%
Biotechnology ← 362 -0.2%-25.2%-78.7% DNTH 1575% · CELZ 1386% · ELVN 1206%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

OBIOMDTBSXABTEWAMIXMedian
NameOrchestr.MedtronicBoston S.Abbott L.Edwards .Autonomi. 
Mkt Price5.4591.8944.96105.2386.184.5765.57
Mkt Cap0.3117.666.1183.149.70.057.9
Rev LTM3237,54120,99646,5856,512013,754
Op Inc LTM-587,1474,4097,3461,830-163,119
FCF LTM-596,1321,8067,8241,434-131,620
FCF 3Y Avg-555,5272,2246,751854-101,539
CFO LTM-588,0354,5299,9051,720-133,125
CFO 3Y Avg-547,3603,8158,9471,127-102,471

Growth & Margins

OBIOMDTBSXABTEWAMIXMedian
NameOrchestr.MedtronicBoston S.Abbott L.Edwards .Autonomi. 
Rev Chg LTM986.1%9.8%13.5%8.1%14.6%-13.5%
Rev Chg 3Y Avg325.2%6.0%16.2%5.1%13.1%-13.1%
Rev Chg Q-89.5%13.7%7.5%13.0%13.6%-13.0%
QoQ Delta Rev Chg LTM-2.3%3.2%1.8%3.2%3.3%-3.2%
Op Inc Chg LTM18.6%7.5%30.1%-2.2%15.2%-33.7%11.4%
Op Inc Chg 3Y Avg-11.6%6.3%25.7%6.5%7.8%-6.5%
Op Mgn LTM-181.4%19.0%21.0%15.8%28.1%-19.0%
Op Mgn 3Y Avg-1,801.9%18.5%19.1%16.4%28.0%-18.5%
QoQ Delta Op Mgn LTM-13.4%0.3%1.1%-1.3%0.5%-0.3%
CFO/Rev LTM-182.4%21.4%21.6%21.3%26.4%-21.4%
CFO/Rev 3Y Avg-1,447.8%21.2%20.7%20.5%19.0%-20.5%
FCF/Rev LTM-184.8%16.3%8.6%16.8%22.0%-16.3%
FCF/Rev 3Y Avg-1,454.4%15.9%12.3%15.5%14.3%-14.3%

Valuation

OBIOMDTBSXABTEWAMIXMedian
NameOrchestr.MedtronicBoston S.Abbott L.Edwards .Autonomi. 
Mkt Cap0.3117.666.1183.149.70.057.9
P/S10.93.13.13.97.6-3.9
P/Op Inc-6.016.515.024.927.2-0.215.7
P/EBIT-6.016.015.622.133.4-0.215.8
P/E-5.922.518.033.849.4-0.220.2
P/CFO-6.014.614.618.528.9-0.214.6
Total Yield-17.0%7.6%5.6%5.3%2.0%-648.2%3.7%
Dividend Yield0.0%3.1%0.0%2.3%0.0%0.0%0.0%
FCF Yield 3Y Avg-31.6%5.3%2.1%3.6%1.7%-203.3%1.9%
D/E0.10.20.20.20.00.00.1
Net D/E-0.20.20.20.1-0.1-1.40.0

Returns

OBIOMDTBSXABTEWAMIXMedian
NameOrchestr.MedtronicBoston S.Abbott L.Edwards .Autonomi. 
1M Rtn22.2%2.8%-10.9%-3.1%-6.4%-50.8%-4.7%
3M Rtn35.6%15.5%-7.0%18.9%0.2%-42.5%7.9%
6M Rtn18.5%5.1%-35.4%-3.3%1.3%-45.9%-1.0%
12M Rtn101.1%0.9%-58.4%-18.4%8.0%-81.7%-8.8%
3Y Rtn-12.0%26.8%-16.5%11.2%16.3%-99.8%-0.4%
1M Excs Rtn23.7%4.3%-9.4%-1.6%-4.9%-49.3%-3.2%
3M Excs Rtn31.9%9.7%-11.6%12.8%-4.9%-49.6%2.4%
6M Excs Rtn4.9%-8.6%-48.3%-16.1%-12.1%-58.3%-14.1%
12M Excs Rtn82.1%-15.5%-76.0%-36.1%-10.1%-99.0%-25.8%
3Y Excs Rtn-82.0%-45.6%-85.3%-60.2%-56.3%-168.9%-71.1%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Development of clinical and preclinical product candidates through risk-reward sharing partnerships3333  
Partnership revenue   3-1
Product revenue   11
Total33334-1


Net Income by Segment
$ Mil202520242023
Development of clinical and preclinical product candidates through risk-reward sharing partnerships-53-61-49
Total-53-61-49


Price Behavior

Price Behavior
Market Price$5.45 
Market Cap ($ Bil)0.3 
First Trading Date08/04/2020 
Distance from 52W High-3.7% 
   50 Days200 Days
DMA Price$4.37$4.28
DMA Trendupup
Distance from DMA24.8%27.4%
 3M1YR
Volatility67.6%68.7%
Downside Capture-162.80112.59
Upside Capture16.18172.68
Correlation (SPY)3.0%25.1%
OBIO Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta-0.840.360.511.321.401.56
Up Beta3.342.322.082.022.201.25
Down Beta-9.69-0.090.591.350.351.74
Up Capture12%40%51%109%253%346%
Bmk +ve Days10213268138427
Stock +ve Days10182953117360
Down Capture-701%-117%-84%102%119%111%
Bmk -ve Days11213259113324
Stock -ve Days11233470128375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OBIO
OBIO100.2%68.6%1.28-
Sector ETF (XLV)22.5%16.2%1.0628.2%
Equity (SPY)18.6%12.8%1.0624.9%
Gold (GLD)20.6%29.2%0.6413.5%
Commodities (DBC)46.3%20.4%1.76-19.0%
Real Estate (VNQ)7.3%13.6%0.2714.2%
Bitcoin (BTCUSD)-29.8%43.8%-0.6811.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OBIO
OBIO-12.6%92.1%0.24-
Sector ETF (XLV)5.9%15.2%0.2015.7%
Equity (SPY)12.5%17.2%0.5518.1%
Gold (GLD)18.9%18.8%0.826.8%
Commodities (DBC)11.1%19.5%0.443.4%
Real Estate (VNQ)1.2%18.9%-0.0414.0%
Bitcoin (BTCUSD)10.8%52.6%0.3910.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OBIO
OBIO-7.8%84.6%0.20-
Sector ETF (XLV)10.4%16.7%0.5014.8%
Equity (SPY)15.1%17.9%0.7217.6%
Gold (GLD)12.3%16.3%0.627.6%
Commodities (DBC)8.1%18.1%0.373.6%
Real Estate (VNQ)4.7%20.7%0.1913.3%
Bitcoin (BTCUSD)63.6%66.2%1.0310.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity2.4 Mil
Short Interest: % Change Since 7312026-1.7%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest13.1 days
Basic Shares Quantity63.8 Mil
Short % of Basic Shares3.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/12/202610-Q
12/31/202503/12/202610-K
09/30/202511/10/202510-Q
06/30/202508/12/202510-Q
03/31/202505/12/202510-Q
12/31/202403/31/202510-K
09/30/202411/12/202410-Q
06/30/202408/12/202410-Q
03/31/202405/13/202410-Q
12/31/202303/27/202410-K
09/30/202311/13/202310-Q
06/30/202308/10/202310-Q
03/31/202305/12/202310-Q
06/30/202210/24/2022S-4/A
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/12/202610-Q
12/31/202503/12/202610-K
09/30/202511/10/202510-Q
06/30/202508/12/202510-Q
03/31/202505/12/202510-Q
12/31/202403/31/202510-K
09/30/202411/12/202410-Q
06/30/202408/12/202410-Q
03/31/202405/13/202410-Q
12/31/202303/27/202410-K
09/30/202311/13/202310-Q
06/30/202308/10/202310-Q
03/31/202305/12/202310-Q
06/30/202210/24/2022S-4/A

Insider Activity

Updated 9/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hochman, David PSee RemarksDirectBuy90820264.7910,00047,9005,128,873Form
2Sherman, DarrenSee RemarksDirectSell90220264.9415,00074,1005,603,946Form
3Sherman, DarrenSee RemarkssonBuy82820265.332,00010,66010,660Form
4Sherman, DarrenSee RemarksDirectSell80420264.0915,00061,3504,721,197Form
5Sherman, DarrenSee RemarksDirectSell70220264.2715,00064,0504,993,026Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hochman, David PSee RemarksDirectBuy90820264.7910,00047,9005,128,873Form
2Sherman, DarrenSee RemarksDirectSell90220264.9415,00074,1005,603,946Form
3Sherman, DarrenSee RemarkssonBuy82820265.332,00010,66010,660Form
4Sherman, DarrenSee RemarksDirectSell80420264.0915,00061,3504,721,197Form
5Sherman, DarrenSee RemarksDirectSell70220264.2715,00064,0504,993,026Form
6Hochman, David PSee RemarksDirectBuy60220263.835,00019,1504,075,231Form
7Sherman, DarrenSee RemarksDirectSell60220263.8715,00058,0504,583,345Form
8Aryeh, JasonDirectBuy52020263.756652,494442,942Form
9Fain, Eric Sthe Fain Living TrustBuy51820264.1320,00082,600378,758Form
10Rtw, Investments, LPSee footnoteSell42920264.133213239,466,540Form
11Hochman, David PSee RemarksDirectBuy31620264.2910,00042,9004,660,943Form
12Hochman, David PSee RemarksDirectBuy111720254.075,00020,3502,494,186Form
13Aryeh, JasonDirectBuy91920252.451,0002,450265,781Form
Core Cache Last Updated: 9/9/2026