Investment Analysts’ Recent Ratings Updates for Aerovate Therapeutics (AVTE)

Several analysts have recently updated their ratings and price targets for Aerovate Therapeutics (NASDAQ: AVTE):

• 6/18/2024 – Aerovate Therapeutics was downgraded by analysts at Evercore ISI from an “outperform” rating to an “inline” rating. They now have a $2.00 price target on the stock, down previously from $27.00.
• 6/18/2024 – Aerovate Therapeutics was downgraded by analysts at TD Cowen from a “buy” rating to a “hold” rating.
• 6/18/2024 – Aerovate Therapeutics was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating. They now have a $2.00 price target on the stock, down previously from $35.00.
• 6/17/2024 – Aerovate Therapeutics had its “neutral” rating reaffirmed by analysts at Guggenheim.
• 6/17/2024 – Aerovate Therapeutics was downgraded by analysts at BTIG Research from a “buy” rating to a “neutral” rating.
• 6/17/2024 – Aerovate Therapeutics was downgraded by analysts at Wedbush from an “outperform” rating to a “neutral” rating. They now have a $3.00 price target on the stock, down previously from $41.00.
• 6/17/2024 – Aerovate Therapeutics had its “hold” rating reaffirmed by analysts at Jefferies Financial Group Inc.. They now have a $2.00 price target on the stock, down previously from $65.00.
• 6/6/2024 – Aerovate Therapeutics had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $41.00 price target on the stock.
• 5/22/2024 – Aerovate Therapeutics had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $41.00 price target on the stock.
• 5/14/2024 – Aerovate Therapeutics had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $41.00 price target on the stock.

Aerovate Therapeutics Price Performance

Aerovate Therapeutics stock opened at $1.69 on Friday. The company has a market cap of $48.71 million, a PE ratio of -0.56 and a beta of 1.02. The company has a fifty day moving average price of $14.77 and a two-hundred day moving average price of $19.82. Aerovate Therapeutics, Inc. has a 12 month low of $1.25 and a 12 month high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its earnings results 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). Equities research analysts anticipate that Aerovate Therapeutics, Inc. will post -2.87 earnings per share for the current year.

Insider Activity at Aerovate Therapeutics

In related news, insider Marinus Verwijs sold 1,981 shares of Aerovate Therapeutics stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $21.02, for a total transaction of $41,640.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider George A. Eldridge sold 15,000 shares of Aerovate Therapeutics stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $25.03, for a total transaction of $375,450.00. Following the transaction, the insider now directly owns 5,022 shares of the company’s stock, valued at $125,700.66. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Marinus Verwijs sold 1,981 shares of Aerovate Therapeutics stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $21.02, for a total value of $41,640.62. The disclosure for this sale can be found here. Insiders have sold a total of 78,573 shares of company stock worth $1,884,367 over the last ninety days. 24.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. increased its stake in 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 in the last quarter. Eventide Asset Management LLC purchased a new position in Aerovate Therapeutics during the 4th quarter valued at about $276,000. Vanguard Group Inc. grew its stake in Aerovate Therapeutics by 7.2% during the 1st 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 in the last quarter. Ikarian Capital LLC purchased a new position in Aerovate Therapeutics during the 1st quarter valued at about $10,881,000. Finally, Vestal Point Capital LP purchased a new position in Aerovate Therapeutics during the 4th quarter valued at about $9,052,000.

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.