Braveheart Bio (NASDAQ:BRVE) Stock Price Down 7.6% – Here’s Why

Braveheart Bio, Inc. (NASDAQ:BRVE)’s share price was down 7.6% on Tuesday. The stock traded as low as $19.67 and last traded at $19.73. 371,755 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 496,624 shares. The stock had previously closed at $21.35.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BRVE shares. Cantor Fitzgerald initiated coverage on Braveheart Bio in a research report on Monday, August 31st. They issued an “overweight” rating and a $40.00 target price on the stock. Wall Street Zen upgraded Braveheart Bio to a “hold” rating in a report on Saturday, August 15th. Stifel Nicolaus assumed coverage on shares of Braveheart Bio in a research note on Monday, August 31st. They issued a “buy” rating and a $45.00 target price for the company. Jefferies Financial Group began coverage on shares of Braveheart Bio in a research note on Monday, August 31st. They set a “buy” rating and a $48.00 price target on the stock. Finally, TD Cowen initiated coverage on shares of Braveheart Bio in a research note on Monday, August 31st. They issued a “buy” rating for the company. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $45.25.

Braveheart Bio Price Performance

The business’s fifty day moving average is $25.92.

Braveheart Bio (NASDAQ:BRVE) last posted its earnings results on Tuesday, September 8th. The company reported ($2.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($2.26). On average, equities research analysts expect that Braveheart Bio, Inc. will post -1.48 earnings per share for the current fiscal year.

Insider Activity at Braveheart Bio

In related news, major shareholder Bio Fund Iv L.P. Ah bought 1,100,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average price of $18.00 per share, with a total value of $19,800,000.00. Following the completion of the transaction, the insider owned 10,232,420 shares of the company’s stock, valued at $184,183,560. The trade was a 12.05% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Orbimed Advisors Llc purchased 1,940,000 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was bought at an average price of $18.00 per share, for a total transaction of $34,920,000.00. Following the completion of the transaction, the director directly owned 11,901,826 shares in the company, valued at approximately $214,232,868. The trade was a 19.47% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 8,751,942 shares of company stock valued at $157,534,956.

About Braveheart Bio

We are a clinical‑stage biopharmaceutical company focused on developing therapies for patients with hypertrophic cardiomyopathy (“HCM”) and other serious cardiovascular diseases. Our lead product candidate, BHB‑1893, is a next-generation oral small‑molecule cardiac myosin inhibitor (“CMI”), that we are developing for the treatment of obstructive HCM (“oHCM”) and non‑obstructive HCM (“nHCM”). Our goal is to improve the treatment options for these patients by enhancing speed of onset, depth of gradient response, systolic safety, and reversibility, and reducing prescribing complexity.