The shooting occurred around 11:00 a.m. Thursday at the intersection of Amber and Cambria streets.
Surveillance video shows the gunman ride up on bike and open fire on two males standing on the street corner.
17-year-old Eric Ramons suffered several gunshot wounds to the head, face and torso.
He was taken to Temple University Hospital in critical condition but later died.
A suspect was spotted fleeing the scene on the bike. No arrests have been made.
As with all Philadelphia homicides, a $20,000 reward is being offered for information that leads to the arrest and conviction of the person responsible.
Anyone with information is urged to call the Homicide Division at 215-686-3334 or dial 911.