Braveheart Bio (NASDAQ:BRVE) Shares Climb 7.9% – Here’s What Happened

Braveheart Bio, Inc. (NASDAQ:BRVE) shares rose 7.9% during mid-day trading on Tuesday. The company traded as high as $20.32 and last traded at $20.73. 52,851 shares were traded during mid-day trading, a decline of 89% from the average session volume of 459,622 shares. The stock had previously closed at $19.21.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BRVE. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 price target on shares of Braveheart Bio in a research note on Tuesday. Stifel Nicolaus assumed coverage on Braveheart Bio in a research note on Monday, August 31st. They set a “buy” rating and a $45.00 price objective for the company. Wall Street Zen raised Braveheart Bio to a “hold” rating in a report on Saturday, August 15th. TD Cowen initiated coverage on Braveheart Bio in a report on Monday, August 31st. They set a “buy” rating for the company. Finally, 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. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $45.25.

Braveheart Bio Stock Performance

The business has a 50 day moving average price of $24.31.

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

Insider Activity

In other Braveheart Bio news, Director Orbimed Advisors Llc acquired 1,940,000 shares of the business’s 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 transaction, the director owned 11,901,826 shares in the company, valued at $214,232,868. This trade represents a 19.47% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bio Fund Iv L.P. Ah acquired 1,100,000 shares of Braveheart Bio stock in a transaction on Friday, August 7th. The stock was acquired at an average cost of $18.00 per share, for a total transaction of $19,800,000.00. Following the purchase, the insider owned 10,232,420 shares of the company’s stock, valued at approximately $184,183,560. This represents a 12.05% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 8,751,942 shares of company stock worth $157,534,956.

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.