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

Shares of Braveheart Bio, Inc. (NASDAQ:BRVE) dropped 7.6% on Tuesday. The company traded as low as $19.67 and last traded at $19.73. 371,755 shares changed hands during trading, a decline of 25% from the average session volume of 496,624 shares. The stock had previously closed at $21.35.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wall Street Zen raised shares of Braveheart Bio to a “hold” rating in a research report on Saturday, August 15th. Jefferies Financial Group began coverage on Braveheart Bio in a report on Monday, August 31st. They issued a “buy” rating and a $48.00 target price on the stock. Zacks Research upgraded shares of Braveheart Bio to a “hold” rating in a report on Tuesday, September 1st. TD Cowen began coverage on Braveheart Bio in a research note on Monday, August 31st. They issued a “buy” rating for the company. Finally, Cantor Fitzgerald initiated coverage on shares of Braveheart Bio in a report on Monday, August 31st. They issued an “overweight” rating and a $40.00 price target on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.25.

Braveheart Bio Stock Performance

The firm has a fifty day moving average price of $25.62. The firm has a market capitalization of $1.68 billion and a P/E ratio of -7.41.

Braveheart Bio (NASDAQ:BRVE) last announced its earnings results on Tuesday, September 8th. The company reported ($2.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($2.26). As a group, sell-side analysts expect that Braveheart Bio, Inc. will post -1.48 EPS for the current fiscal year.

Insider Buying and Selling

In other Braveheart Bio news, major shareholder Bio Fund Iv L.P. Ah bought 1,100,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average cost of $18.00 per share, with a total value of $19,800,000.00. Following the completion of the purchase, the insider directly owned 10,232,420 shares of the company’s stock, valued at $184,183,560. This trade represents a 12.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Orbimed Advisors Llc purchased 1,940,000 shares of Braveheart Bio stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average price of $18.00 per share, for a total transaction of $34,920,000.00. Following the transaction, the director directly owned 11,901,826 shares of the company’s stock, valued at $214,232,868. This trade represents a 19.47% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 8,751,942 shares of company stock worth $157,534,956 in the last ninety days.

Braveheart Bio Company Profile

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.