Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Receives $2.25 Average Price Target from Analysts

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) have been given an average rating of “Hold” by the six brokerages that are currently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $2.25.

AVTE has been the topic of several analyst reports. Wedbush lowered Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $41.00 to $3.00 in a 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. Evercore ISI downgraded shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and lowered their price target for the stock from $27.00 to $2.00 in a report on Tuesday, June 18th. BTIG Research cut shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, June 17th. 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 research note on Tuesday, June 18th.

Aerovate Therapeutics Price Performance

AVTE stock opened at $1.90 on Friday. The company has a market capitalization of $54.76 million, a P/E ratio of -0.63 and a beta of 1.03. Aerovate Therapeutics has a 12 month low of $1.25 and a 12 month high of $32.42. The firm’s fifty day simple moving average is $1.81 and its 200-day simple moving average is $13.93.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.10). As a group, sell-side analysts forecast that Aerovate Therapeutics will post -2.74 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider George A. Eldridge sold 15,000 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were 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 owns 5,022 shares of the company’s stock, valued at $125,700.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.90% of the stock is currently owned by company insiders.

Institutional Trading of Aerovate Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Eventide Asset Management LLC purchased a new position in Aerovate Therapeutics in the 4th quarter valued at $276,000. Values First Advisors Inc. acquired a new stake in shares of Aerovate Therapeutics in the second quarter valued at about $26,000. Bank of New York Mellon Corp lifted its stake in shares of Aerovate Therapeutics by 69.9% in the second quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock worth $78,000 after buying an additional 19,324 shares in the last quarter. XTX Topco Ltd acquired a new position in Aerovate Therapeutics during the second quarter worth about $35,000. Finally, Quest Partners LLC grew its stake in Aerovate Therapeutics by 610.2% during the 2nd quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock valued at $55,000 after acquiring an additional 28,230 shares in the last quarter.

About Aerovate Therapeutics

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.