Orchestra BioMed initiated with a Buy at TD Cowen

TD Cowen analyst Joshua Jennings initiated coverage of Orchestra BioMed (OBIO) with a Buy rating and $15 price target Orchestra BioMed is building a differentiated, royalty-based Med Tech model anchored by Atrioventricular Interval Modulation therapy for hypertension and Virtue SAB for arterial atherosclerotic disease, with both programs targeting large, underserved markets, leverage blue-chip partners, and offering scalable, high-margin economics as pivotal data and commercialization milestones approach, the analyst tells investors in a research note. These two assets position Orchestra BioMed at the leading edge of cardiovascular device innovation, the firm argues.