BUZZ-Orchestra BioMed shares fall in premarket trading after completing $75 million stock offering

November 6 - ** Shares of Orchestra BioMed Holdings (OBIO.O) fell 2.3% to $5.49 in premarket trading on Friday after the company's $75 million follow-on offering was priced

** OBIO, based in New Hope, Pennsylvania, announced on Thursday night (link) that it will offer 15 million shares at $5 per share, an 11% discount to the last closing price

** Piper Sandler and TD Cowen are acting as joint book-running managers, with BTIG participating in underwriting

** The company plans to use the net proceeds to fund its AVIM therapy for hypertension and its Virtue Sirolimus Angio Infusion Balloon (SAB) for the treatment of atherosclerotic arterial disease

** According to the prospectus, as of November 4, the company's outstanding shares were approximately 61.45 million (link)

** OBIO shares closed down about 6% on Thursday and their three-month gain narrowed to 35%

** According to data from London Stock Exchange Group (LSEG), all seven analysts covering the stock have a bullish rating; the median price target is $11

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