Wedbush Predicts Higher Earnings for Aerovate Therapeutics

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) – Investment analysts at Wedbush lifted their FY2024 EPS estimates for Aerovate Therapeutics in a research note issued to investors on Wednesday, November 13th. Wedbush analyst L. Chico now expects that the company will post earnings of ($2.85) per share for the year, up from their previous estimate of ($2.91). The consensus estimate for Aerovate Therapeutics’ current full-year earnings is ($2.74) per share. Wedbush also issued estimates for Aerovate Therapeutics’ FY2025 earnings at ($1.14) EPS.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.03.

Aerovate Therapeutics Stock Down 2.7 %

Shares of NASDAQ AVTE opened at $2.56 on Friday. The firm’s 50-day simple moving average is $2.20 and its 200 day simple moving average is $6.31. The stock has a market cap of $73.91 million, a P/E ratio of -0.86 and a beta of 1.00. Aerovate Therapeutics has a fifty-two week low of $1.25 and a fifty-two week high of $32.42.

Institutional Trading of Aerovate Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its holdings in Aerovate Therapeutics by 54,095.4% during the third quarter. FMR LLC now owns 82,919 shares of the company’s stock worth $173,000 after buying an additional 82,766 shares in the last quarter. GSA Capital Partners LLP boosted its holdings in shares of Aerovate Therapeutics by 226.8% during the third quarter. GSA Capital Partners LLP now owns 413,795 shares of the company’s stock worth $865,000 after purchasing an additional 287,163 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Aerovate Therapeutics in the 2nd quarter valued at approximately $53,000. Deerfield Management Company L.P. Series C purchased a new stake in Aerovate Therapeutics in the 2nd quarter worth approximately $2,343,000. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Aerovate Therapeutics during the 2nd quarter valued at $332,000.

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.