Aerovate Therapeutics (NASDAQ:AVTE) Announces Quarterly Earnings Results

Aerovate Therapeutics (NASDAQ:AVTE) posted its quarterly earnings data on Monday. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.06), reports.

Aerovate Therapeutics Trading Up 11.1 %

Shares of Aerovate Therapeutics stock opened at $28.50 on Thursday. The company has a market capitalization of $788.60 million, a PE ratio of -9.90 and a beta of 1.18. Aerovate Therapeutics has a 12 month low of $9.41 and a 12 month high of $29.36. The stock’s fifty day simple moving average is $21.99 and its 200 day simple moving average is $17.62.

Insider Buying and Selling

In related news, insider George A. Eldridge sold 2,016 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $25.02, for a total transaction of $50,440.32. Following the sale, the insider now owns 1,960 shares of the company’s stock, valued at approximately $49,039.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Ralph Niven sold 4,600 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $17.45, for a total value of $80,270.00. Following the completion of the transaction, the insider now owns 1,609 shares in the company, valued at approximately $28,077.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider George A. Eldridge sold 2,016 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $25.02, for a total value of $50,440.32. Following the completion of the transaction, the insider now owns 1,960 shares of the company’s stock, valued at approximately $49,039.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,495 shares of company stock valued at $701,281. 19.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Aerovate Therapeutics

Hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. grew its holdings in shares of Aerovate Therapeutics by 11.3% in the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after acquiring an additional 2,075 shares in the last quarter. Swiss National Bank grew its holdings in Aerovate Therapeutics by 30.9% during the third quarter. Swiss National Bank now owns 21,201 shares of the company’s stock worth $288,000 after purchasing an additional 5,000 shares during the period. Silverarc Capital Management LLC acquired a new position in Aerovate Therapeutics during the third quarter worth approximately $1,357,000. Driehaus Capital Management LLC acquired a new position in Aerovate Therapeutics during the second quarter worth approximately $20,479,000. Finally, HighVista Strategies LLC increased its position in Aerovate Therapeutics by 164.0% during the second quarter. HighVista Strategies LLC now owns 41,803 shares of the company’s stock worth $717,000 after buying an additional 25,970 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVTE. Jefferies Financial Group began coverage on Aerovate Therapeutics in a research note on Monday. They issued a “buy” rating and a $65.00 price target on the stock. Wells Fargo & Company began coverage on Aerovate Therapeutics in a research note on Friday, December 8th. They issued an “equal weight” rating and a $35.00 price target on the stock.

Aerovate Therapeutics Company Profile

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of 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.