Aerovate Therapeutics (NASDAQ:AVTE) Given “Outperform” Rating at Wedbush

Wedbush reiterated their outperform rating on shares of Aerovate Therapeutics (NASDAQ:AVTE) in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has a $41.00 price objective on the stock.

Several other brokerages also recently commented on AVTE. Jefferies Financial Group started coverage on shares of Aerovate Therapeutics in a research report on Monday, March 25th. They issued a buy rating and a $65.00 price target for the company. Wells Fargo & Company restated an overweight rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a research report on Monday, April 1st.

Aerovate Therapeutics Price Performance

AVTE stock opened at $17.09 on Wednesday. Aerovate Therapeutics has a 12 month low of $9.41 and a 12 month high of $32.42. The firm has a market cap of $492.36 million, a PE ratio of -5.62 and a beta of 1.40. The firm has a 50 day simple moving average of $23.45 and a 200 day simple moving average of $20.70.

Aerovate Therapeutics (NASDAQ:AVTE) last released its earnings results on Monday, March 25th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.06). As a group, sell-side analysts expect that Aerovate Therapeutics will post -2.94 earnings per share for the current year.

Insiders Place Their Bets

In other Aerovate Therapeutics news, CEO Timothy P. Noyes sold 10,000 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $21.58, for a total value of $215,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Hunter Gillies sold 4,000 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $21.08, for a total transaction of $84,320.00. Following the transaction, the insider now owns 5,602 shares in the company, valued at approximately $118,090.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Timothy P. Noyes sold 10,000 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $21.58, for a total transaction of $215,800.00. The disclosure for this sale can be found here. Insiders sold a total of 102,261 shares of company stock worth $2,599,117 in the last quarter. 24.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Swiss National Bank grew its stake in Aerovate Therapeutics by 30.9% in the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after buying an additional 5,000 shares during the last quarter. Silverarc Capital Management LLC bought a new position in Aerovate Therapeutics in the 3rd quarter worth $1,357,000. Alps Advisors Inc. raised its holdings 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 acquiring an additional 2,075 shares during the period. Vestal Point Capital LP bought a new position in Aerovate Therapeutics in the 4th quarter worth $9,052,000. Finally, Eventide Asset Management LLC bought a new position in Aerovate Therapeutics in the 4th quarter worth $276,000.

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.