Ikarian Capital LLC Makes New Investment in Aerovate Therapeutics, Inc. (NASDAQ:AVTE)

Ikarian Capital LLC purchased a new stake in shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 367,965 shares of the company’s stock, valued at approximately $10,881,000. Aerovate Therapeutics comprises about 1.2% of Ikarian Capital LLC’s holdings, making the stock its 15th largest holding.

A number of other institutional investors have also recently made changes to their positions in the company. Eventide Asset Management LLC bought a new position in Aerovate Therapeutics in the 4th quarter worth approximately $276,000. Vestal Point Capital LP bought a new stake in Aerovate Therapeutics during the 4th quarter valued at $9,052,000. Finally, Vanguard Group Inc. lifted its position in shares of Aerovate Therapeutics by 7.2% during 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 in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on AVTE shares. Jefferies Financial Group reiterated a “hold” rating and issued a $2.00 price target (down from $65.00) on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Evercore ISI lowered Aerovate Therapeutics from an “outperform” rating to an “inline” rating and reduced their target price for the company from $27.00 to $2.00 in a report on Tuesday, June 18th. TD Cowen downgraded shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th. Wedbush cut shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $41.00 to $3.00 in a research note on Monday, June 17th. Finally, Wells Fargo & Company lowered shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $35.00 to $2.00 in a report on Tuesday, June 18th. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.25.

Aerovate Therapeutics Trading Down 1.6 %

Shares of AVTE traded down $0.03 during trading hours on Thursday, reaching $1.79. 324,506 shares of the company’s stock traded hands, compared to its average volume of 577,405. Aerovate Therapeutics, Inc. has a 12 month low of $1.25 and a 12 month high of $32.42. The stock has a market cap of $51.59 million, a PE ratio of -0.59 and a beta of 1.02. The firm’s 50 day simple moving average is $7.41 and its 200-day simple moving average is $17.18.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its 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, analysts expect that Aerovate Therapeutics, Inc. will post -2.79 earnings per share for the current fiscal year.

Insider Activity at Aerovate Therapeutics

In other news, insider George A. Eldridge sold 15,000 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $25.03, for a total transaction of $375,450.00. Following the transaction, the insider now directly owns 5,022 shares in the company, valued at approximately $125,700.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Timothy P. Noyes sold 10,000 shares of Aerovate Therapeutics stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $21.58, for a total value of $215,800.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider George A. Eldridge sold 15,000 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $25.03, for a total transaction of $375,450.00. Following the completion of 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. Insiders have sold a total of 29,000 shares of company stock valued at $675,570 over the last 90 days. 24.90% of the stock is owned by insiders.

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.