Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Expected to Earn Q3 2024 Earnings of ($0.72) Per Share

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) – Equities research analysts at Wedbush cut their Q3 2024 earnings per share (EPS) estimates for Aerovate Therapeutics in a research note issued on Monday, June 17th. Wedbush analyst L. Chico now expects that the company will earn ($0.72) per share for the quarter, down from their previous estimate of ($0.66). Wedbush has a “Neutral” rating and a $3.00 price target on the stock. The consensus estimate for Aerovate Therapeutics’ current full-year earnings is ($2.94) per share. Wedbush also issued estimates for Aerovate Therapeutics’ Q4 2024 earnings at ($0.73) EPS, FY2024 earnings at ($3.00) EPS, Q1 2025 earnings at ($0.66) EPS, Q2 2025 earnings at ($0.57) EPS, Q3 2025 earnings at ($0.40) EPS, Q4 2025 earnings at ($0.15) EPS and FY2025 earnings at ($1.77) EPS.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.09).

Other research analysts have also recently issued reports about the company. Evercore ISI cut Aerovate Therapeutics from an “outperform” rating to an “inline” rating and lowered their price target for the stock from $27.00 to $2.00 in a report on Tuesday. Guggenheim reissued a “neutral” rating on shares of Aerovate Therapeutics in a research note on Monday. BTIG Research downgraded Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a research report on Monday. TD Cowen downgraded Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Wells Fargo & Company cut shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $35.00 to $2.00 in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Aerovate Therapeutics currently has an average rating of “Hold” and a consensus target price of $2.25.

Aerovate Therapeutics Stock Performance

Shares of AVTE stock opened at $1.41 on Wednesday. Aerovate Therapeutics has a one year low of $1.40 and a one year high of $32.42. The company has a market capitalization of $40.64 million, a price-to-earnings ratio of -0.46 and a beta of 1.30. The company’s 50-day moving average is $20.04 and its 200 day moving average is $21.18.

Institutional Trading of Aerovate Therapeutics

Several hedge funds have recently added to or reduced their stakes in AVTE. Alps Advisors Inc. boosted its position in shares of Aerovate Therapeutics by 11.3% in the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after purchasing an additional 2,075 shares during the last quarter. Swiss National Bank raised its stake in Aerovate Therapeutics by 30.9% during the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock worth $288,000 after buying an additional 5,000 shares during the period. Eventide Asset Management LLC bought a new position in Aerovate Therapeutics during the fourth quarter worth about $276,000. Vanguard Group Inc. grew its stake in Aerovate Therapeutics by 7.2% in the first quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after acquiring an additional 45,444 shares during the period. Finally, Ikarian Capital LLC acquired a new stake in shares of Aerovate Therapeutics during the first quarter worth about $10,881,000.

Insider Activity

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of Aerovate Therapeutics stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $28.01, for a total value of $96,130.32. Following the completion of the sale, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $36,160.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $28.01, for a total value of $96,130.32. Following the completion of the transaction, the insider now owns 1,291 shares in the company, valued at approximately $36,160.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider George A. Eldridge sold 15,000 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $25.03, for a total value of $375,450.00. Following the transaction, the insider now owns 5,022 shares of the company’s stock, valued at $125,700.66. The disclosure for this sale can be found here. Insiders sold a total of 106,398 shares of company stock worth $2,696,369 over the last 90 days. 24.90% of the stock is currently owned by corporate insiders.

About Aerovate Therapeutics

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops drugs that enhance the lives of patients with rare cardiopulmonary diseases in the United States. It focuses on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension, which is in Phase 2b/Phase 3 trial.