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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) has been assigned a consensus recommendation of “Hold” from the six analysts that are currently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $2.25.

AVTE has been the topic of several recent research reports. Evercore ISI lowered Aerovate Therapeutics from an “outperform” rating to an “inline” rating and reduced their price target for the stock from $27.00 to $2.00 in a research report on Tuesday, June 18th. TD Cowen downgraded Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Jefferies Financial Group reaffirmed a “hold” rating and set a $2.00 price objective (down previously from $65.00) on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Wedbush downgraded Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $41.00 to $3.00 in a research note on Monday, June 17th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Aerovate Therapeutics in a research note on Monday, June 17th.

Aerovate Therapeutics Stock Down 2.2 %

NASDAQ:AVTE opened at $1.78 on Friday. 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 $51.30 million, a P/E ratio of -0.59 and a beta of 1.02. The stock’s fifty day simple moving average is $10.61 and its 200-day simple moving average is $18.34.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.09). As a group, equities research analysts expect that Aerovate Therapeutics will post -2.87 earnings per share for the current year.

Insider Buying and Selling at Aerovate Therapeutics

In other Aerovate Therapeutics news, CEO Timothy P. Noyes sold 11,357 shares of Aerovate Therapeutics stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $20.34, for a total value of $231,001.38. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Aerovate Therapeutics news, insider George A. Eldridge sold 15,000 shares of Aerovate Therapeutics stock in a transaction dated Friday, June 14th. The stock was 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 of the company’s stock, valued at approximately $125,700.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy P. Noyes sold 11,357 shares of Aerovate Therapeutics stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $20.34, for a total value of $231,001.38. The disclosure for this sale can be found here. Insiders have sold 42,338 shares of company stock valued at $948,212 in the last 90 days. 24.90% of the stock is currently owned by company insiders.

Institutional Trading of Aerovate Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Aerovate Therapeutics by 7.2% in the first quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after acquiring an additional 45,444 shares during the last quarter. Vestal Point Capital LP acquired a new stake in shares of Aerovate Therapeutics in the fourth quarter valued at about $9,052,000. Ikarian Capital LLC acquired a new stake in shares of Aerovate Therapeutics in the first quarter valued at about $10,881,000. SG Americas Securities LLC acquired a new stake in shares of Aerovate Therapeutics in the second quarter valued at about $298,000. Finally, Values First Advisors Inc. acquired a new stake in shares of Aerovate Therapeutics in the second quarter valued at about $26,000.

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.