Affinity Asset Advisors LLC Makes New $332,000 Investment in Aerovate Therapeutics, Inc. (NASDAQ:AVTE)

Affinity Asset Advisors LLC purchased a new stake in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 200,000 shares of the company’s stock, valued at approximately $332,000. Affinity Asset Advisors LLC owned approximately 0.69% of Aerovate Therapeutics at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Vestal Point Capital LP acquired a new position in Aerovate Therapeutics during the fourth quarter worth about $9,052,000. Eventide Asset Management LLC purchased a new position in Aerovate Therapeutics in the 4th quarter valued at approximately $276,000. Vanguard Group Inc. increased its stake in Aerovate Therapeutics by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after purchasing an additional 45,444 shares in the last quarter. Ikarian Capital LLC acquired a new position in Aerovate Therapeutics during the first quarter worth $10,881,000. Finally, SG Americas Securities LLC purchased a new stake in Aerovate Therapeutics during the second quarter worth $298,000.

Aerovate Therapeutics Stock Up 3.4 %

Shares of AVTE stock opened at $1.96 on Wednesday. The company has a 50 day moving average price of $1.85 and a 200 day moving average price of $12.13. Aerovate Therapeutics, Inc. has a one year low of $1.25 and a one year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its earnings results on Monday, August 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.10). Equities analysts predict that Aerovate Therapeutics, Inc. will post -2.74 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. TD Cowen cut Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. BTIG Research downgraded shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, June 17th. Jefferies Financial Group reissued a “hold” rating and set a $2.00 price target (down previously from $65.00) on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Evercore ISI downgraded Aerovate Therapeutics from an “outperform” rating to an “inline” rating and reduced their price objective for the company from $27.00 to $2.00 in a research report on Tuesday, June 18th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Aerovate Therapeutics presently has a consensus rating of “Hold” and a consensus price target of $2.25.

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.