Aerovate Therapeutics (NASDAQ:AVTE) Posts Quarterly Earnings Results, Misses Expectations By $0.06 EPS

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

Aerovate Therapeutics Price Performance

Shares of NASDAQ:AVTE opened at $28.50 on Thursday. The business’s fifty day moving average price is $21.99 and its two-hundred day moving average price is $17.62. The stock has a market capitalization of $788.60 million, a price-to-earnings ratio of -9.90 and a beta of 1.18. Aerovate Therapeutics has a fifty-two week low of $9.41 and a fifty-two week high of $29.36.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AVTE shares. Jefferies Financial Group started coverage on Aerovate Therapeutics in a report on Monday. They issued a “buy” rating and a $65.00 target price for the company. Wells Fargo & Company began coverage on Aerovate Therapeutics in a report on Friday, December 8th. They set an “equal weight” rating and a $35.00 price target for the company.

Insider Transactions at Aerovate Therapeutics

In related news, insider Ralph Niven sold 4,600 shares of the firm’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $19.16, for a total value of $88,136.00. Following the transaction, the insider now owns 1,609 shares in the company, valued at $30,828.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Aerovate Therapeutics news, insider Ralph Niven sold 4,600 shares of the stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $19.16, for a total value of $88,136.00. Following the transaction, the insider now owns 1,609 shares of the company’s stock, valued at $30,828.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Hunter Gillies sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $19.50, for a total value of $78,000.00. Following the sale, the insider now directly owns 3,251 shares in the company, valued at approximately $63,394.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,495 shares of company stock worth $701,281. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. UBS Group AG acquired a new stake in shares of Aerovate Therapeutics during the third quarter worth $26,000. Tower Research Capital LLC TRC boosted its holdings in Aerovate Therapeutics by 136.2% in the first quarter. Tower Research Capital LLC TRC now owns 2,702 shares of the company’s stock valued at $55,000 after acquiring an additional 1,558 shares during the last quarter. Legal & General Group Plc boosted its holdings in Aerovate Therapeutics by 318.0% in the fourth quarter. Legal & General Group Plc now owns 3,235 shares of the company’s stock valued at $95,000 after acquiring an additional 2,461 shares during the last quarter. Citigroup Inc. lifted its stake in Aerovate Therapeutics by 1,351.5% in the second quarter. Citigroup Inc. now owns 3,324 shares of the company’s stock valued at $57,000 after buying an additional 3,095 shares during the period. Finally, Royal Bank of Canada lifted its stake in Aerovate Therapeutics by 148.2% in the fourth quarter. Royal Bank of Canada now owns 3,475 shares of the company’s stock valued at $79,000 after buying an additional 2,075 shares during the period.

About Aerovate Therapeutics

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.