Braveheart Bio, Inc. (NASDAQ:BRVE) Shares Shorted: Short Interest Up 76.1% in September

Key Points

• Braveheart Bio’s short interest surged 76.1% to 2.46 million shares as of September 15, representing 2.7% of shares outstanding and 7.5 days to cover.
• Insiders made substantial purchases, acquiring 8.75 million shares worth approximately $157.5 million over the past 90 days, including major buys by OrbiMed Advisors and David Lubner.
• The stock traded near $21.34 after the company reported a significant quarterly EPS miss, while analysts maintained a “Moderate Buy” consensus with an average price target of $45.25.

Braveheart Bio, Inc. (NASDAQ:BRVE - Get Free Report) saw a large increase in short interest in September. As of September 15th, there was short interest totaling 2,461,086 shares, an increase of 76.1% from the August 31st total of 1,397,189 shares. Currently, 2.7% of the company's shares are sold short. Based on an average daily trading volume, of 328,415 shares, the days-to-cover ratio is currently 7.5 days.

Insiders Place Their Bets

In other news, Director Orbimed Advisors Llc acquired 1,940,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average price of $18.00 per share, with a total value of $34,920,000.00. Following the completion of the acquisition, the director owned 11,901,826 shares of the company's stock, 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 SEC, which is available at this link. Also, Director David Lubner acquired 55,555 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were purchased at an average price of $18.00 per share, with a total value of $999,990.00. Following the completion of the transaction, the director owned 55,555 shares of the company's stock, valued at $999,990. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 8,751,942 shares of company stock worth $157,534,956.

Braveheart Bio Stock Performance

Braveheart Bio stock traded up $0.28 during midday trading on Tuesday, reaching $21.34. 108,100 shares of the stock traded hands, compared to its average volume of 456,973. Braveheart Bio has a 12-month low of $20.00 and a 12-month high of $32.00.

Braveheart Bio (NASDAQ:BRVE - Get Free Report) last issued its quarterly 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). Research analysts predict that Braveheart Bio will post -1.48 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. TD Cowen started coverage on Braveheart Bio in a report on Monday, August 31st. They issued a "buy" rating on the stock. Jefferies Financial Group started coverage on Braveheart Bio in a research report on Monday, August 31st. They set a "buy" rating and a $48.00 price objective for the company. Wall Street Zen raised shares of Braveheart Bio to a "hold" rating in a research report on Saturday, August 15th. Stifel Nicolaus started coverage on shares of Braveheart Bio in a research report on Monday, August 31st. They set a "buy" rating and a $45.00 price target for the company. Finally, Zacks Research raised shares of Braveheart Bio to a "hold" rating in a research report on Tuesday, September 1st. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $45.25.

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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