Braveheart Bio (NASDAQ:BRVE) Shares Down 7.3% - Here's What Happened

Key Points

• Braveheart Bio shares fell 7.3% to about $20.71, while trading volume dropped 92% below the stock’s average daily level.
• The company reported a quarterly loss of $2.51 per share, missing analyst expectations of a $0.25 loss by $2.26; analysts expect a full-year loss of $1.48 per share.
• Despite the decline, analyst sentiment remains favorable, with five Buy ratings and one Hold rating and a consensus price target of $45.25. Insiders have also purchased 8.75 million shares worth approximately $157.5 million over the past 90 days.

Braveheart Bio, Inc. (NASDAQ:BRVE - Get Free Report)'s stock price traded down 7.3% on Wednesday. The company traded as low as $20.86 and last traded at $20.7090. 36,478 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 461,831 shares. The stock had previously closed at $22.34.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BRVE. Cantor Fitzgerald initiated coverage on shares of Braveheart Bio in a report on Monday, August 31st. They set an "overweight" rating and a $40.00 price objective for the company. The Goldman Sachs Group began coverage on shares of Braveheart Bio in a report on Monday, August 31st. They issued a "buy" rating and a $48.00 target price on the stock. TD Cowen assumed coverage on shares of Braveheart Bio in a research report on Monday, August 31st. They set a "buy" rating on the stock. Jefferies Financial Group initiated coverage on shares of Braveheart Bio in a report on Monday, August 31st. They issued a "buy" rating and a $48.00 price target for the company. Finally, Stifel Nicolaus started coverage on shares of Braveheart Bio in a research report on Monday, August 31st. They issued a "buy" rating and a $45.00 price objective for the company. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $45.25.

Braveheart Bio Price Performance

Braveheart Bio (NASDAQ:BRVE - Get Free Report) last issued its quarterly earnings data on Tuesday, September 8th. The company reported ($2.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($2.26). On average, sell-side analysts predict that Braveheart Bio, Inc. will post -1.48 EPS for the current year.

Insider Transactions at Braveheart Bio

In related news, Director Erez Chimovits purchased 1,940,000 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, for a total transaction of $34,920,000.00. Following the completion of the acquisition, the director directly owned 11,901,826 shares of the company's stock, valued at $214,232,868. This represents a 19.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Orbimed Advisors Llc acquired 1,940,000 shares of the stock in a transaction dated Friday, August 7th. The shares were bought at an average cost of $18.00 per share, with a total value of $34,920,000.00. Following the transaction, the director directly owned 11,901,826 shares of the company's stock, valued at $214,232,868. This represents a 19.47% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have purchased 8,751,942 shares of company stock valued at $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.

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.