B. Riley lowered the firm's price target on Orchestra BioMed (OBIO) to $10 from $12 and keeps a Buy rating on the shares. Orchestra BioMed reported Q1 results alongside key regulatory and trial updates for its BACKBEAT program, including FDA approval of a reduced Phase 3 sample size, continued targeting of enrollment completion by Q3 and primary endpoint data in 2Q27, while also securing $35M in committed strategic capital and receiving a second Breakthrough Device Designation, the analyst tells investors in a research note. The clarified PMA pathway with its partner Medtronic (MDT) supports a more de-risked regulatory timeline and potential royalty-driven commercialization beginning in 2028, the firm says.
