Business / Finance

Why Shares of Orchestra BioMed Jumped Tuesday

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2023-09-19 16:23:32  • 3 mins

What happened

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.

So what

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.

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