Braveheart Bio (NASDAQ:BRVE) Stock Price Down 7.3% – Here’s What Happened

Braveheart Bio, Inc. (NASDAQ:BRVE) shares dropped 7.3% during trading on Wednesday. The stock traded as low as $20.86 and last traded at $20.7090. 36,478 shares were traded during trading, a decline of 92% from the average session volume of 461,831 shares. The stock had previously closed at $22.34.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wall Street Zen raised shares of Braveheart Bio to a “hold” rating in a research report on Saturday, August 15th. Zacks Research raised shares of Braveheart Bio to a “hold” rating in a research report on Tuesday, September 1st. TD Cowen assumed coverage on shares of Braveheart Bio in a research note on Monday, August 31st. They set a “buy” rating for the company. Cantor Fitzgerald assumed coverage on Braveheart Bio in a report on Monday, August 31st. They issued an “overweight” rating and a $40.00 price objective for the company. Finally, The Goldman Sachs Group began coverage on Braveheart Bio in a research report on Monday, August 31st. They issued a “buy” rating and a $48.00 target price on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.25.

Braveheart Bio Stock Down 4.1%

Braveheart Bio (NASDAQ:BRVE) last announced its quarterly earnings data on Tuesday, September 8th. The company reported ($2.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($2.26). As a group, sell-side analysts predict that Braveheart Bio, Inc. will post -1.48 earnings per share for the current year.

Insiders Place Their Bets

In other Braveheart Bio news, Director David Lubner purchased 55,555 shares of Braveheart Bio 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 $999,990.00. Following the completion of the acquisition, the director owned 55,555 shares of the company’s stock, valued at approximately $999,990. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Orbimed Advisors Llc purchased 1,940,000 shares of Braveheart Bio stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average price of $18.00 per share, with a total value of $34,920,000.00. Following the acquisition, 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 SEC filing for this purchase provides additional information. Insiders acquired a total of 8,751,942 shares of company stock worth $157,534,956 in the last three months.

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.