Aerovate Therapeutics (NASDAQ:AVTE) Stock Rating Reaffirmed by Wedbush

Aerovate Therapeutics (NASDAQ:AVTE)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a report issued on Wednesday, Benzinga reports. They presently have a $41.00 price objective on the stock. Wedbush’s price objective points to a potential upside of 139.35% from the company’s previous close.

AVTE has been the subject of a number of other reports. Wells Fargo & Company reaffirmed an “overweight” rating and set a $35.00 price target on shares of Aerovate Therapeutics in a report on Monday, April 1st. Jefferies Financial Group started coverage on Aerovate Therapeutics in a report on Monday, March 25th. They issued a “buy” rating and a $65.00 price target for the company.

Aerovate Therapeutics Stock Down 4.8 %

Shares of NASDAQ:AVTE opened at $17.13 on Wednesday. Aerovate Therapeutics has a fifty-two week low of $9.41 and a fifty-two week high of $32.42. The firm’s 50 day moving average price is $23.64 and its 200 day moving average price is $20.66. The stock has a market cap of $493.52 million, a price-to-earnings ratio of -5.63 and a beta of 1.40.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its quarterly earnings data on Monday, March 25th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.06). On average, equities analysts anticipate that Aerovate Therapeutics will post -2.94 EPS for the current year.

Insider Activity at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $28.01, for a total transaction of $96,130.32. Following the transaction, the insider now owns 1,291 shares of the company’s stock, valued at $36,160.91. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider George A. Eldridge sold 2,016 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $25.02, for a total value of $50,440.32. Following the completion of the sale, the insider now owns 1,960 shares in the company, valued at approximately $49,039.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin T. Dake sold 3,432 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $28.01, for a total transaction of $96,130.32. Following the sale, the insider now owns 1,291 shares of the company’s stock, valued at approximately $36,160.91. The disclosure for this sale can be found here. Insiders sold a total of 102,261 shares of company stock valued at $2,599,117 over the last ninety days. Insiders own 24.90% of the company’s stock.

Institutional Investors Weigh In On Aerovate Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Eventide Asset Management LLC purchased a new position in shares of Aerovate Therapeutics during the fourth quarter worth about $276,000. Alps Advisors Inc. lifted its position in Aerovate Therapeutics by 11.3% during the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after acquiring an additional 2,075 shares during the period. Swiss National Bank grew its stake in shares of Aerovate Therapeutics by 30.9% in the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after purchasing an additional 5,000 shares during the last quarter. Silverarc Capital Management LLC acquired a new position in shares of Aerovate Therapeutics in the third quarter valued at approximately $1,357,000. Finally, Ikarian Capital LLC purchased a new stake in shares of Aerovate Therapeutics during the first quarter worth approximately $10,881,000.

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.