Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Receives Consensus Rating of “Hold” from Brokerages

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) have been given an average rating of “Hold” by the six brokerages that are presently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $2.25.

Several research firms have issued reports on AVTE. Guggenheim reissued a “neutral” rating on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Evercore ISI lowered shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and reduced their price objective for the stock from $27.00 to $2.00 in a research note on Tuesday, June 18th. TD Cowen lowered shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Wells Fargo & Company lowered shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $35.00 to $2.00 in a research note on Tuesday, June 18th. Finally, Wedbush lowered shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and cut their price target for the company from $41.00 to $3.00 in a research note on Monday, June 17th.

Insider Buying and Selling

In related news, insider George A. Eldridge sold 15,000 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $25.03, for a total transaction of $375,450.00. Following the sale, the insider now directly owns 5,022 shares of the company’s stock, valued at $125,700.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Aerovate Therapeutics news, insider George A. Eldridge sold 15,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were 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 directly owns 5,022 shares in the company, valued at $125,700.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hunter Gillies sold 4,000 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $21.08, for a total transaction of $84,320.00. Following the transaction, the insider now owns 5,602 shares of the company’s stock, valued at $118,090.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,000 shares of company stock valued at $675,570. Corporate insiders own 24.90% of the company’s stock.

Institutional Investors Weigh In On Aerovate Therapeutics

A number of hedge funds have recently modified their holdings of the business. Eventide Asset Management LLC acquired a new stake in Aerovate Therapeutics during the fourth quarter worth about $276,000. Values First Advisors Inc. acquired a new stake in Aerovate Therapeutics during the second quarter worth about $26,000. Bank of New York Mellon Corp increased its position in Aerovate Therapeutics by 69.9% during the second quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock worth $78,000 after purchasing an additional 19,324 shares during the last quarter. Quest Partners LLC increased its position in Aerovate Therapeutics by 610.2% during the second quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock worth $55,000 after purchasing an additional 28,230 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Aerovate Therapeutics by 7.2% during the first 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.

Aerovate Therapeutics Trading Down 0.6 %

AVTE stock opened at $1.69 on Wednesday. Aerovate Therapeutics has a 12 month low of $1.25 and a 12 month high of $32.42. The company has a 50-day moving average price of $5.56 and a 200 day moving average price of $16.37. The stock has a market cap of $48.71 million, a PE ratio of -0.56 and a beta of 1.02.

Aerovate Therapeutics (NASDAQ:AVTE) last released its quarterly 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). Sell-side analysts forecast that Aerovate Therapeutics will post -2.79 EPS 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.