Aerovate Therapeutics (NASDAQ:AVTE) Rating Reiterated by Jefferies Financial Group

Aerovate Therapeutics (NASDAQ:AVTE)‘s stock had its “hold” rating reissued by Jefferies Financial Group in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $2.00 price objective on the stock, down from their previous price objective of $65.00. Jefferies Financial Group’s price objective points to a potential upside of 11.73% from the stock’s previous close.

A number of other research firms have also recently weighed in on AVTE. Wedbush cut shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $41.00 to $3.00 in a report on Monday. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $35.00 price objective on shares of Aerovate Therapeutics in a report on Monday, April 1st. Guggenheim reaffirmed a “neutral” rating on shares of Aerovate Therapeutics in a report on Monday. Finally, BTIG Research cut shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Aerovate Therapeutics presently has an average rating of “Hold” and a consensus price target of $13.33.

Aerovate Therapeutics Stock Down 92.7 %

Aerovate Therapeutics stock traded down $22.83 during midday trading on Monday, reaching $1.79. The stock had a trading volume of 21,149,314 shares, compared to its average volume of 343,533. The firm has a market cap of $51.59 million, a price-to-earnings ratio of -0.58 and a beta of 1.30. The company has a fifty day moving average of $21.07 and a 200 day moving average of $21.35. Aerovate Therapeutics has a 52-week low of $1.50 and a 52-week high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its earnings results on Monday, May 13th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.09). Equities research analysts predict that Aerovate Therapeutics will post -2.94 EPS for the current year.

Insiders Place Their Bets

In other news, insider George A. Eldridge sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $25.03, for a total value of $375,450.00. Following the completion of the sale, the insider now directly owns 5,022 shares in the company, valued at approximately $125,700.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider George A. Eldridge sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $25.03, for a total transaction of $375,450.00. Following the completion of the transaction, the insider now owns 5,022 shares in the company, valued at approximately $125,700.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marinus Verwijs sold 5,300 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $26.08, for a total value of $138,224.00. Following the transaction, the insider now owns 1,291 shares of the company’s stock, valued at approximately $33,669.28. The disclosure for this sale can be found here. Insiders have sold 111,698 shares of company stock worth $2,834,593 in the last three months. 24.90% of the stock is owned by insiders.

Institutional Trading of Aerovate Therapeutics

Institutional investors have recently modified their holdings of the company. Eventide Asset Management LLC acquired a new stake in shares of Aerovate Therapeutics during the fourth quarter worth $276,000. Alps Advisors Inc. raised 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 worth $277,000 after purchasing an additional 2,075 shares during the period. Swiss National Bank raised its position in shares of 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. Vestal Point Capital LP acquired a new stake in shares of Aerovate Therapeutics during the fourth quarter worth $9,052,000. Finally, Ikarian Capital LLC acquired a new stake in shares of Aerovate Therapeutics during the first quarter worth $10,881,000.

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.