Orchestra BioMed initiated with an Overweight at Barclays

Barclays initiated coverage of Orchestra BioMed (OBIO) with an Overweight rating and $16 price target The firm sees a “series of catalysts” over the next 12-18 months for Orchestra which it expects to drive increasing interest and performance in the “innovative developer of high-impact medical devices.” Orchestra Biomed’s medical technology innovation and commercialization model focuses on developing high-impact medical device therapies through partnerships with large established medical device manufacturers, the analyst tells investors in a research note. Barclays says the company’s pipeline of clinical programs represents an estimated total addressable markets of $14B.