Braveheart Bio (NASDAQ:BRVE) Shares Gap Up - Here's Why

Key Points

• Braveheart Bio shares opened higher, rising from a prior close of $20.27 to $21.14 and last trading at $21.2250.
• Analyst sentiment is broadly positive, with five Buy ratings and one Hold rating. The consensus target price is $45.25, including targets of $48 from Jefferies and $40 from Cantor Fitzgerald.
• The company reported a quarterly loss of $2.51 per share, far below the expected $0.25 loss, while insiders purchased 8.75 million shares worth approximately $157.5 million over the past 90 days.

Braveheart Bio, Inc. (NASDAQ:BRVE - Get Free Report) shares gapped up before the market opened on Thursday. The stock had previously closed at $20.27, but opened at $21.14. Braveheart Bio shares last traded at $21.2250, with a volume of 5,506 shares trading hands.

Analysts Set New Price Targets

A number of analysts recently weighed in on BRVE shares. 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. Wall Street Zen upgraded shares of Braveheart Bio to a "hold" rating in a research note on Saturday, August 15th. Cantor Fitzgerald restated an "overweight" rating and set a $40.00 price target on shares of Braveheart Bio in a research note on Tuesday. Zacks Research raised Braveheart Bio to a "hold" rating in a report on Tuesday, September 1st. Finally, TD Cowen assumed coverage on Braveheart Bio in a research note on Monday, August 31st. They issued a "buy" rating on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.25.

Braveheart Bio Price Performance

The stock has a 50 day simple moving average of $24.31. The company has a market cap of $1.91 billion and a PE ratio of -8.45.

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 analysts' consensus estimates of ($0.25) by ($2.26). On average, equities research analysts anticipate that Braveheart Bio, Inc. will post -1.48 earnings per share for the current year.

Insider Buying and Selling at Braveheart Bio

In other news, Director Erez Chimovits bought 1,940,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was acquired at an average price of $18.00 per share, for a total transaction 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 trade represents a 19.47% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Growth Opportunities F. Forbion purchased 1,680,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were purchased at an average cost of $18.00 per share, with a total value of $30,240,000.00. Following the completion of the acquisition, the insider directly owned 10,185,478 shares in the company, valued at $183,338,604. The trade was a 19.75% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 8,751,942 shares of company stock worth $157,534,956 over the last ninety days.

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.

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