Braveheart Bio (NASDAQ:BRVE) Releases Earnings Results, Misses Estimates By $2.26 EPS

Braveheart Bio (NASDAQ:BRVE) released its earnings results on Tuesday. The company reported ($2.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($2.26), Zacks reports.

Braveheart Bio Stock Up 10.0%

BRVE stock traded up $2.67 during mid-day trading on Tuesday, reaching $29.41. 613,230 shares of the company traded hands, compared to its average volume of 369,138. Braveheart Bio has a 52-week low of $24.31 and a 52-week high of $32.00.

Insider Buying and Selling

In other news, major shareholder Growth Opportunities F. Forbion bought 1,920,000 shares of the firm’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 $34,560,000.00. Following the acquisition, the insider owned 11,640,546 shares of the company’s stock, valued at approximately $209,529,828. The trade was a 19.75% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Erez Chimovits bought 1,940,000 shares of the stock in a transaction on Friday, August 7th. The stock was purchased at an average price of $18.00 per share, for a total transaction of $34,920,000.00. Following the completion of the purchase, the director directly owned 11,901,826 shares in the company, valued at approximately $214,232,868. This represents a 19.47% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 8,751,942 shares of company stock valued at $157,534,956 in the last three months.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BRVE shares. Zacks Research raised Braveheart Bio to a “hold” rating in a research report on Tuesday, September 1st. Jefferies Financial Group initiated coverage on shares of Braveheart Bio in a research note on Monday, August 31st. They issued a “buy” rating and a $48.00 target price on the stock. Cantor Fitzgerald started coverage on shares of Braveheart Bio in a research report on Monday, August 31st. They set an “overweight” rating and a $40.00 target price for the company. Wall Street Zen raised shares of Braveheart Bio to a “hold” rating in a report on Saturday, August 15th. Finally, The Goldman Sachs Group initiated coverage on Braveheart Bio in a research note on Monday, August 31st. They issued a “buy” rating and a $48.00 price objective on the stock. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $45.25.

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.