Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Receives Average Recommendation of “Hold” from Analysts

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) have been assigned an average recommendation of “Hold” from the six ratings firms that are presently covering the firm, MarketBeat reports. Six research analysts have rated the stock with a hold recommendation. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $2.25.

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company lowered shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $35.00 to $2.00 in a report on Tuesday, June 18th. Evercore ISI lowered shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and dropped their price objective for the company from $27.00 to $2.00 in a report on Tuesday, June 18th. BTIG Research lowered shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, June 17th. Wedbush lowered shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $41.00 to $3.00 in a report on Monday, June 17th. Finally, Guggenheim reissued a “neutral” rating on shares of Aerovate Therapeutics in a report on Monday, June 17th.

Insider Buying and Selling at Aerovate Therapeutics

In other Aerovate Therapeutics news, CEO Timothy P. Noyes sold 10,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.00, for a total value of $300,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Timothy P. Noyes sold 10,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Marinus Verwijs sold 1,981 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $21.02, for a total transaction of $41,640.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 102,966 shares of company stock valued at $2,600,239. 24.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Ikarian Capital LLC acquired a new position in shares of Aerovate Therapeutics during the 1st quarter worth about $10,881,000. Vanguard Group Inc. raised its position in shares of Aerovate Therapeutics by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock worth $19,879,000 after purchasing an additional 45,444 shares during the last quarter. Eventide Asset Management LLC acquired a new position in shares of Aerovate Therapeutics during the 4th quarter worth about $276,000. Vestal Point Capital LP acquired a new position in shares of Aerovate Therapeutics during the 4th quarter worth about $9,052,000. Finally, Alps Advisors Inc. raised its position in shares of Aerovate Therapeutics by 11.3% during 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 during the last quarter.

Aerovate Therapeutics Trading Down 3.8 %

Shares of AVTE stock opened at $1.50 on Tuesday. The business’s fifty day simple moving average is $18.07 and its 200-day simple moving average is $20.76. The company has a market cap of $43.23 million, a PE ratio of -0.49 and a beta of 1.30. Aerovate Therapeutics has a 12-month low of $1.25 and a 12-month high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly 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). On average, equities analysts forecast that Aerovate Therapeutics will post -2.87 earnings per share for the current year.

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.