Aerovate Therapeutics (NASDAQ:AVTE) Rating Lowered to Neutral at BTIG Research

BTIG Research downgraded shares of Aerovate Therapeutics (NASDAQ:AVTE) from a buy rating to a neutral rating in a research report released on Monday, Marketbeat Ratings reports.

Several other analysts have also issued reports on AVTE. Wells Fargo & Company reaffirmed an overweight rating and set a $35.00 price target on shares of Aerovate Therapeutics in a research report on Monday, April 1st. Wedbush lowered shares of Aerovate Therapeutics from an outperform rating to a neutral rating and lowered their price objective for the stock from $41.00 to $3.00 in a research note on Monday. Finally, Jefferies Financial Group initiated coverage on shares of Aerovate Therapeutics in a research note on Monday, March 25th. They issued a buy rating and a $65.00 target price for the company. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Aerovate Therapeutics presently has an average rating of Hold and an average target price of $2.25.

Aerovate Therapeutics Trading Up 3.5 %

AVTE stock opened at $1.46 on Monday. The stock has a 50-day moving average price of $19.53 and a two-hundred day moving average price of $21.04. The stock has a market cap of $42.08 million, a PE ratio of -0.42 and a beta of 1.30. Aerovate Therapeutics has a 1 year low of $1.25 and a 1 year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last posted 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). On average, analysts forecast that Aerovate Therapeutics will post -2.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,325 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $31.97, for a total transaction of $106,300.25. Following the sale, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $41,273.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Timothy P. Noyes sold 11,357 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $20.34, for a total value of $231,001.38. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin T. Dake sold 3,325 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $31.97, for a total value of $106,300.25. Following the transaction, the insider now owns 1,291 shares in the company, valued at $41,273.27. The disclosure for this sale can be found here. Over the last three months, insiders sold 106,398 shares of company stock worth $2,696,369. 24.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank boosted its holdings 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 acquiring an additional 5,000 shares during the last quarter. Alps Advisors Inc. lifted its position in shares of Aerovate Therapeutics by 11.3% during the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after purchasing an additional 2,075 shares in the last quarter. Vestal Point Capital LP purchased a new position in Aerovate Therapeutics during the fourth quarter worth about $9,052,000. Eventide Asset Management LLC bought a new stake in Aerovate Therapeutics in the 4th quarter worth about $276,000. Finally, 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 buying an additional 45,444 shares during the last quarter.

Aerovate Therapeutics Company Profile

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.