Orchestra BioMed granted breakthrough device designation, says H.C. Wainwright

H.C. Wainwright reiterates a Buy rating and $12 price target on shares of Orchestra BioMed (OBIO) after the company announced that the Food and Drug Administration grated Breakthrough Device designation for atrioventricular interval modulation therapy. The Breakthrough Device designation validates the novelty of the AVIM technology and the unmet medical need, which may involve 7.7M patients in the U.S., the analyst tells investors in a research note.