Aerovate Therapeutics (NASDAQ:AVTE) Earns Neutral Rating from Guggenheim

Guggenheim reaffirmed their neutral rating on shares of Aerovate Therapeutics (NASDAQ:AVTEFree Report) in a research report sent to investors on Monday morning, Marketbeat.com reports.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company restated an overweight rating and set a $35.00 target price on shares of Aerovate Therapeutics in a research note on Monday, April 1st. Wedbush cut shares of Aerovate Therapeutics from an outperform rating to a neutral rating and lowered their price objective for the stock from $41.00 to $3.00 in a research note on Monday. BTIG Research lowered shares of Aerovate Therapeutics from a buy rating to a neutral rating in a report on Monday. Finally, Jefferies Financial Group started coverage on shares of Aerovate Therapeutics in a report on Monday, March 25th. They issued a buy rating and a $65.00 target price for the company. Six research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $2.25.

View Our Latest Report on AVTE

Aerovate Therapeutics Price Performance

NASDAQ:AVTE opened at $1.41 on Monday. The firm’s 50-day moving average price is $20.04 and its 200-day moving average price is $21.18. The company has a market capitalization of $40.64 million, a PE ratio of -0.46 and a beta of 1.30. Aerovate Therapeutics has a 1-year low of $1.40 and a 1-year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTEGet Free Report) last announced its quarterly earnings data on Monday, May 13th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.09). Equities analysts anticipate that Aerovate Therapeutics will post -2.94 EPS for the current fiscal year.

Insider Activity

In related news, insider George A. Eldridge sold 15,000 shares of the business’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 owns 5,022 shares in the company, valued at $125,700.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 11,068 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $27.97, for a total transaction of $309,571.96. Following the transaction, the insider now owns 1,291 shares in the company, valued at $36,109.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider George A. Eldridge sold 15,000 shares of the business’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 transaction, the insider now owns 5,022 shares in the company, valued at approximately $125,700.66. The disclosure for this sale can be found here. Insiders have sold a total of 106,398 shares of company stock worth $2,696,369 over the last quarter. Insiders own 24.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vestal Point Capital LP purchased a new stake in shares of Aerovate Therapeutics during the fourth quarter valued at $9,052,000. Eventide Asset Management LLC purchased a new stake in Aerovate Therapeutics in the fourth quarter worth about $276,000. Alps Advisors Inc. lifted its stake in Aerovate Therapeutics by 11.3% in the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after acquiring an additional 2,075 shares during the period. Swiss National Bank lifted its stake in Aerovate Therapeutics by 30.9% in the third quarter. Swiss National Bank now owns 21,201 shares of the company’s stock worth $288,000 after acquiring an additional 5,000 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Aerovate Therapeutics by 7.2% in the first quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock worth $19,879,000 after acquiring an additional 45,444 shares during the period.

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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