Analysts Set Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Price Target at $2.25

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) have been assigned an average recommendation of “Hold” from the six analysts that are currently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation. The average 1-year price target among brokers that have covered the stock in the last year is $2.25.

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

Aerovate Therapeutics Price Performance

NASDAQ:AVTE 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 firm has a market capitalization of $48.71 million, a P/E ratio of -0.56 and a beta of 1.02. The business has a 50 day simple moving average of $5.56 and a 200 day simple moving average of $16.37.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its earnings results on Monday, May 13th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.09). Research analysts anticipate that Aerovate Therapeutics will post -2.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Hunter Gillies sold 4,000 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $21.08, for a total value of $84,320.00. Following the completion of the transaction, the insider now directly owns 5,602 shares of the company’s stock, valued at approximately $118,090.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Hunter Gillies sold 4,000 shares of the firm’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 completion of the sale, the insider now directly owns 5,602 shares of the company’s stock, valued at approximately $118,090.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider George A. Eldridge sold 15,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $25.03, for a total value 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 disclosure for this sale can be found here. In the last quarter, insiders sold 29,000 shares of company stock worth $675,570. 24.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Eventide Asset Management LLC bought a new position in Aerovate Therapeutics during the fourth quarter worth about $276,000. Values First Advisors Inc. bought a new stake in shares of Aerovate Therapeutics in the second quarter valued at about $26,000. Quest Partners LLC increased its position in shares of Aerovate Therapeutics by 610.2% in the second quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock valued at $55,000 after acquiring an additional 28,230 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Aerovate Therapeutics by 69.9% in the second quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock valued at $78,000 after acquiring an additional 19,324 shares during the last quarter. Finally, Warberg Asset Management LLC acquired a new stake in shares of Aerovate Therapeutics in the second quarter valued at about $111,000.

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.