Why Shares of Orchestra BioMed Jumped Tuesday
Shares of Orchestra BioMed (NASDAQ: OBIO) were up 17% as of 11:30 a.m. ET on Tuesday after the company released news regarding a study for a hypertension therapy it is helping to develop. The stock is down less than 2% so far this year, though up more than 95% the past five days.
Orchestra is a healthcare company that specializes in collaborating with medical equipment manufacturers on devices that it has developed. The company went public via a special purpose acquisition company (SPAC) merger in January.
Orchestra announced on Tuesday that the Food and Drug Administration had given its Investigational New Device approval for Orchestra to begin a pivotal study of its BackBeat Cardiac Neuromodulation Therapy (CNT) to treat hypertension in pacemaker patients. According to Orchestra, hypertension affects more than 70% of pacemaker patients worldwide.
Source Fool.com
