Atlas Venture Life Science Advisors LLC Has $2.99 Million Position in Aerovate Therapeutics, Inc. (NASDAQ:AVTE)

Atlas Venture Life Science Advisors LLC cut its holdings in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) by 11.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,799,232 shares of the company’s stock after selling 240,017 shares during the quarter. Aerovate Therapeutics makes up 0.3% of Atlas Venture Life Science Advisors LLC’s portfolio, making the stock its 14th largest position. Atlas Venture Life Science Advisors LLC owned 0.06% of Aerovate Therapeutics worth $2,987,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in AVTE. Vestal Point Capital LP acquired a new stake in Aerovate Therapeutics in the 4th quarter valued at about $9,052,000. Ikarian Capital LLC bought a new stake in shares of Aerovate Therapeutics during the first quarter valued at approximately $10,881,000. SG Americas Securities LLC bought a new stake in shares of Aerovate Therapeutics during the second quarter valued at approximately $298,000. Warberg Asset Management LLC acquired a new stake in shares of Aerovate Therapeutics in the second quarter valued at approximately $111,000. Finally, Vanguard Group Inc. raised its position in Aerovate Therapeutics by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock worth $19,879,000 after purchasing an additional 45,444 shares during the last quarter.

Aerovate Therapeutics Price Performance

Shares of NASDAQ:AVTE opened at $1.90 on Friday. The firm’s 50 day simple moving average is $1.83 and its 200 day simple moving average is $13.28. Aerovate Therapeutics, Inc. has a fifty-two week low of $1.25 and a fifty-two week high of $32.42. The company has a market capitalization of $54.85 million, a price-to-earnings ratio of -0.63 and a beta of 1.03.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its earnings results on Monday, August 12th. The company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.10). Equities research analysts expect that Aerovate Therapeutics, Inc. will post -2.74 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on AVTE shares. Evercore ISI downgraded Aerovate Therapeutics from an “outperform” rating to an “inline” rating and dropped their target price for the stock from $27.00 to $2.00 in a research report on Tuesday, June 18th. BTIG Research downgraded shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a research report on Monday, June 17th. Guggenheim reiterated a “neutral” rating on shares of Aerovate Therapeutics in a research report on Monday, June 17th. TD Cowen lowered shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th. Finally, Wells Fargo & Company lowered shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $35.00 to $2.00 in a report on Tuesday, June 18th. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $2.25.

Aerovate Therapeutics 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.