Quest Partners LLC Increases Stock Position in Aerovate Therapeutics, Inc. (NASDAQ:AVTE)

Quest Partners LLC increased its holdings in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) by 610.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,856 shares of the company’s stock after acquiring an additional 28,230 shares during the quarter. Quest Partners LLC owned approximately 0.11% of Aerovate Therapeutics worth $55,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of AVTE. Vanguard Group Inc. increased 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 purchasing an additional 45,444 shares during the period. Vestal Point Capital LP purchased a new position in shares of Aerovate Therapeutics during the fourth quarter worth about $9,052,000. Ikarian Capital LLC acquired a new position in Aerovate Therapeutics in the 1st quarter valued at about $10,881,000. SG Americas Securities LLC purchased a new stake in Aerovate Therapeutics during the 2nd quarter valued at approximately $298,000. Finally, Bank of New York Mellon Corp lifted its position in Aerovate Therapeutics by 69.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock worth $78,000 after acquiring an additional 19,324 shares during the period.

Aerovate Therapeutics Stock Performance

Aerovate Therapeutics stock opened at $1.91 on Thursday. The company has a market cap of $55.05 million, a P/E ratio of -0.63 and a beta of 1.03. Aerovate Therapeutics, Inc. has a one year low of $1.25 and a one year high of $32.42. The business has a fifty day moving average of $1.84 and a two-hundred day moving average of $12.83.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its quarterly 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). Sell-side analysts predict that Aerovate Therapeutics, Inc. will post -2.74 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on AVTE shares. Guggenheim reissued a “neutral” rating on shares of Aerovate Therapeutics in a report on Monday, June 17th. Wells Fargo & Company downgraded shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $35.00 to $2.00 in a research report on Tuesday, June 18th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2.00 target price (down previously from $65.00) on shares of Aerovate Therapeutics in a report on Monday, June 17th. Evercore ISI lowered shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and dropped their price target for the stock from $27.00 to $2.00 in a research note on Tuesday, June 18th. Finally, BTIG Research downgraded shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a research report on Monday, June 17th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold” and an average 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.