Aerovate Therapeutics (NASDAQ:AVTE) Downgraded by BTIG Research to “Neutral”

BTIG Research downgraded shares of Aerovate Therapeutics (NASDAQ:AVTEFree Report) from a buy rating to a neutral rating in a research report report published on Monday morning, Marketbeat Ratings reports.

A number of other analysts have also recently commented on AVTE. Jefferies Financial Group started coverage on Aerovate Therapeutics in a research report on Monday, March 25th. They issued a buy rating and a $65.00 price objective for the company. Wedbush cut 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 research report on Monday. Finally, Wells Fargo & Company reiterated an overweight rating and set a $35.00 price target on shares of Aerovate Therapeutics in a research report on Monday, April 1st. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $2.25.

Read Our Latest Analysis on Aerovate Therapeutics

Aerovate Therapeutics Trading Down 14.5 %

Shares of NASDAQ:AVTE opened at $1.41 on Monday. Aerovate Therapeutics has a 12-month low of $1.40 and a 12-month high of $32.42. The company has a market capitalization of $40.64 million, a PE ratio of -0.46 and a beta of 1.30. The business has a 50 day moving average of $20.04 and a two-hundred day moving average of $21.18.

Aerovate Therapeutics (NASDAQ:AVTEGet Free Report) last announced 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). Equities research analysts predict that Aerovate Therapeutics will post -2.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $28.01, for a total value of $96,130.32. Following the completion of the sale, the insider now directly owns 1,291 shares in the company, valued at approximately $36,160.91. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Benjamin T. Dake sold 3,432 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $28.01, for a total value of $96,130.32. Following the transaction, the insider now owns 1,291 shares of the company’s stock, valued at approximately $36,160.91. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Benjamin T. Dake sold 11,068 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $27.97, for a total value of $309,571.96. Following the completion of the transaction, the insider now directly owns 1,291 shares in the company, valued at approximately $36,109.27. The disclosure for this sale can be found here. Insiders sold a total of 106,398 shares of company stock worth $2,696,369 in the last three months. 24.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Aerovate Therapeutics

Large investors have recently modified their holdings of the business. Eventide Asset Management LLC acquired a new position in Aerovate Therapeutics during the 4th quarter worth about $276,000. Alps Advisors Inc. lifted its stake in 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 acquiring an additional 2,075 shares in the last quarter. Swiss National Bank raised its position in Aerovate Therapeutics by 30.9% in the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after purchasing an additional 5,000 shares in the last quarter. Vestal Point Capital LP acquired a new stake in Aerovate Therapeutics in the 4th quarter valued at about $9,052,000. Finally, Ikarian Capital LLC acquired a new stake in Aerovate Therapeutics in the 1st quarter valued at about $10,881,000.

About Aerovate Therapeutics

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Aerovate Therapeutics (NASDAQ:AVTE)

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