Aerovate Therapeutics (NASDAQ:AVTE) Stock Rating Lowered by Wells Fargo & Company

Wells Fargo & Company lowered shares of Aerovate Therapeutics (NASDAQ:AVTE) from an overweight rating to an equal weight rating in a report published on Tuesday, Marketbeat reports. Wells Fargo & Company currently has $2.00 price target on the stock, down from their previous price target of $35.00.

A number of other equities analysts have also weighed in on AVTE. Guggenheim reiterated a neutral rating on shares of Aerovate Therapeutics in a report on Monday, June 17th. Wedbush lowered shares of Aerovate Therapeutics from an outperform rating to a neutral rating and reduced their target price for the company from $41.00 to $3.00 in a report on Monday, June 17th. BTIG Research lowered shares of Aerovate Therapeutics from a buy rating to a neutral rating in a report on Monday, June 17th. Finally, Jefferies Financial Group restated a hold rating and set a $2.00 target price (down previously from $65.00) on shares of Aerovate Therapeutics in a report on Monday, June 17th. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Aerovate Therapeutics presently has a consensus rating of Hold and an average target price of $2.25.

Aerovate Therapeutics Stock Up 6.8 %

Shares of AVTE opened at $1.56 on Tuesday. The firm has a market cap of $44.96 million, a PE ratio of -0.55 and a beta of 1.30. The company’s fifty day moving average is $19.02 and its two-hundred day moving average is $20.91. Aerovate Therapeutics has a fifty-two week low of $1.25 and a fifty-two week high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.09). As a group, equities research analysts anticipate that Aerovate Therapeutics will post -2.94 earnings per share for the current year.

Insiders Place Their Bets

In other Aerovate Therapeutics news, CEO Timothy P. Noyes sold 10,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.00, for a total value of $300,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Aerovate Therapeutics news, CEO Timothy P. Noyes sold 10,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.00, for a total value of $300,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Benjamin T. Dake sold 3,325 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $31.97, for a total transaction of $106,300.25. Following the completion of the sale, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $41,273.27. The disclosure for this sale can be found here. Insiders have sold 106,398 shares of company stock worth $2,696,369 in the last quarter. 24.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Aerovate Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vestal Point Capital LP bought a new stake in shares of Aerovate Therapeutics during the 4th quarter valued at about $9,052,000. Ikarian Capital LLC bought a new stake in shares of Aerovate Therapeutics during the 1st quarter valued at about $10,881,000. Vanguard Group Inc. grew its position in shares of Aerovate Therapeutics by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after buying an additional 45,444 shares during the last quarter. Eventide Asset Management LLC bought a new stake in shares of Aerovate Therapeutics during the 4th quarter valued at about $276,000. Finally, Swiss National Bank grew its position in shares of Aerovate Therapeutics by 30.9% during the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after buying an additional 5,000 shares during the last quarter.

About Aerovate Therapeutics

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.