Braveheart Bio, Inc. (NASDAQ:BRVE) Shares Shorted: Short Interest Up 67.8% in September

Key Points

• Short interest surged 67.8% in September to 4.13 million shares, representing 4.6% of Braveheart Bio’s outstanding shares and 5.1 days of trading volume to cover.
• Braveheart Bio reported a quarterly loss of $2.51 per share, missing the consensus estimate of a $0.25 loss by $2.26; analysts expect a full-year loss of $1.48 per share.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating and a consensus price target of $45.25. Insiders also purchased 8.75 million shares worth about $157.5 million over the past 90 days.

Braveheart Bio, Inc. (NASDAQ:BRVE - Get Free Report) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 4,128,974 shares, a growth of 67.8% from the September 15th total of 2,461,086 shares. Currently, 4.6% of the shares of the company are short sold. Based on an average trading volume of 809,950 shares, the days-to-cover ratio is presently 5.1 days.

Braveheart Bio Price Performance

Shares of NASDAQ BRVE opened at $19.55 on Friday. Braveheart Bio has a 1 year low of $17.86 and a 1 year high of $32.00. The stock has a fifty day moving average price of $24.90.

Braveheart Bio (NASDAQ:BRVE - Get Free Report) last released its earnings results on Tuesday, September 8th. The company reported ($2.51) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($2.26). As a group, research analysts predict that Braveheart Bio will post -1.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on BRVE shares. Jefferies Financial Group began coverage on Braveheart Bio in a report on Monday, August 31st. They set a "buy" rating and a $48.00 price target for the company. Stifel Nicolaus began coverage on Braveheart Bio in a research note on Monday, August 31st. They issued a "buy" rating and a $45.00 price objective on the stock. Cantor Fitzgerald began coverage on Braveheart Bio in a research report on Monday, August 31st. They set an "overweight" rating and a $40.00 price objective on the stock. Zacks Research upgraded Braveheart Bio to a "hold" rating in a research note on Tuesday, September 1st. Finally, The Goldman Sachs Group started coverage on shares of Braveheart Bio in a report on Monday, August 31st. They issued a "buy" rating and a $48.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Braveheart Bio has an average rating of "Moderate Buy" and a consensus price target of $45.25.

Insider Buying and Selling at Braveheart Bio

In other Braveheart Bio news, major shareholder Bio Fund Iv L.P. Ah acquired 1,100,000 shares of the business's stock in a transaction dated Friday, August 7th. The stock was purchased at an average price of $18.00 per share, with a total value of $19,800,000.00. Following the transaction, the insider directly owned 10,232,420 shares in the company, valued at approximately $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, major shareholder Growth Opportunities F. Forbion acquired 1,920,000 shares of Braveheart Bio stock in a transaction dated Friday, August 7th. The stock was bought at an average price of $18.00 per share, with a total value of $34,560,000.00. Following the completion of the purchase, the insider directly owned 11,640,546 shares in the company, valued at $209,529,828. This represents a 19.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 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.

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