Aerovate Therapeutics, Inc. to Post FY2023 Earnings of ($2.81) Per Share, Wedbush Forecasts (NASDAQ:AVTE)

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) – Research analysts at Wedbush decreased their FY2023 earnings per share (EPS) estimates for shares of Aerovate Therapeutics in a report issued on Tuesday, November 14th. Wedbush analyst A. Argyrides now expects that the company will post earnings of ($2.81) per share for the year, down from their previous estimate of ($2.71). Wedbush currently has a “Outperform” rating and a $48.00 price target on the stock. The consensus estimate for Aerovate Therapeutics’ current full-year earnings is ($2.82) per share. Wedbush also issued estimates for Aerovate Therapeutics’ Q4 2023 earnings at ($0.68) EPS, FY2024 earnings at ($2.63) EPS, FY2025 earnings at ($2.54) EPS, FY2026 earnings at ($1.59) EPS and FY2027 earnings at $0.34 EPS.

Aerovate Therapeutics Stock Up 3.0 %

Shares of AVTE stock opened at $14.57 on Thursday. Aerovate Therapeutics has a 12 month low of $9.41 and a 12 month high of $30.79. The company has a market cap of $402.86 million, a PE ratio of -5.30 and a beta of 0.53. The business’s 50 day moving average is $12.31 and its two-hundred day moving average is $15.43.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its earnings results on Monday, August 14th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.07).

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Strs Ohio acquired a new position in Aerovate Therapeutics in the 2nd quarter valued at approximately $39,000. Golden State Equity Partners bought a new position in Aerovate Therapeutics in the first quarter worth $212,000. Atlas Venture Life Science Advisors LLC boosted its stake in Aerovate Therapeutics by 1.1% during the first quarter. Atlas Venture Life Science Advisors LLC now owns 2,039,249 shares of the company’s stock worth $41,132,000 after buying an additional 21,728 shares in the last quarter. Great Point Partners LLC raised its stake in shares of Aerovate Therapeutics by 99.6% in the 1st quarter. Great Point Partners LLC now owns 755,620 shares of the company’s stock valued at $15,241,000 after buying an additional 377,098 shares in the last quarter. Finally, Ghost Tree Capital LLC lifted its holdings in shares of Aerovate Therapeutics by 48.1% during the 1st quarter. Ghost Tree Capital LLC now owns 200,000 shares of the company’s stock worth $4,034,000 after acquiring an additional 65,000 shares during the period.

Insider Activity at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,931 shares of Aerovate Therapeutics stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $15.06, for a total value of $59,200.86. Following the transaction, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $19,442.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold a total of 5,993 shares of company stock worth $80,726 in the last 90 days. 19.30% of the stock is owned by company insiders.

About Aerovate Therapeutics

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of 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.