Short Interest in Braveheart Bio, Inc. (NASDAQ:BRVE) Rises By 64.8%

Key Points

• Short interest in Braveheart Bio rose 64.8% to 1.397 million shares as of August 31, representing 1.9% of shares outstanding and 5.6 days to cover based on average trading volume.
• Analyst sentiment remains favorable, with five Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $45.25 versus the stock’s $27.45 opening price.
• The company reported quarterly adjusted losses of $2.51 per share, far worse than the $0.25 consensus estimate, while insiders purchased 8.75 million shares worth approximately $157.5 million during the quarter.

Braveheart Bio, Inc. (NASDAQ:BRVE - Get Free Report) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totaling 1,397,189 shares, an increase of 64.8% from the August 15th total of 847,773 shares. Based on an average trading volume of 249,992 shares, the short-interest ratio is presently 5.6 days. Currently, 1.9% of the company's stock are short sold.

Wall Street Analysts Forecast Growth

BRVE has been the topic of a number of recent analyst reports. Stifel Nicolaus initiated 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. 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 target price for the company. Wall Street Zen upgraded Braveheart Bio to a "hold" rating in a report on Saturday, August 15th. Zacks Research raised shares of Braveheart Bio to a "hold" rating in a research report on Tuesday, September 1st. Finally, The Goldman Sachs Group started coverage on shares of Braveheart Bio in a research note on Monday, August 31st. They issued a "buy" rating and a $48.00 price objective for the company. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $45.25.

Braveheart Bio Price Performance

Shares of NASDAQ BRVE opened at $27.45 on Thursday. Braveheart Bio has a one year low of $24.31 and a one year high of $32.00.

Braveheart Bio (NASDAQ:BRVE - Get Free Report) last released its quarterly earnings data 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). On average, equities analysts anticipate that Braveheart Bio will post -1.48 EPS for the current year.

Insider Activity

In other news, Director Orbimed Advisors Llc acquired 1,940,000 shares of Braveheart Bio 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 transaction, the director owned 11,901,826 shares in the company, valued at approximately $214,232,868. This trade represents a 19.47% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Erez Chimovits bought 1,940,000 shares of the company's stock in a transaction on Friday, August 7th. The stock was purchased at an average cost of $18.00 per share, for a total transaction of $34,920,000.00. Following the completion of the transaction, the director owned 11,901,826 shares in the company, valued at approximately $214,232,868. The trade was a 19.47% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 8,751,942 shares of company stock valued at $157,534,956.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.