Why Shares of Orchestra BioMed Jumped This Week

Shares of Orchestra BioMed Holdings (NASDAQ: OBIO) were up 26% for the week as of Friday afternoon, according to data provided by S&P Global Market Intelligence. The healthcare stock closed at $12.18 last Friday and rose to as high as $17.43 on Tuesday. Orchestra BioMed has a 52-week low of $7.49 and a 52-week high of $19.18.The medical device technology company went public via a special purpose acquisition company merger (SPAC) on Jan. 26 and is up more than 54% since it began trading. The stock rose a day after the global market intelligence company Tracxn named Orchestra BioMed to its list of top cardiac and vascular disorders start-ups.The medical device company focuses on partnerships with medical device companies, helping them to develop new products. Its revenue will come from royalties payments, as well as double-digit revenue sharing from its products. It has a strategic partnership with Medtronic to help develop BackBeat Cardiac Neuromodulation Therapy, a potential hypertension treatment for patients with cardiac pacemakers.Continue reading
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