Aerovate Therapeutics (NASDAQ:AVTE) Shares Gap Down to $22.49

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) gapped down prior to trading on Wednesday . The stock had previously closed at $22.49, but opened at $21.81. Aerovate Therapeutics shares last traded at $21.81, with a volume of 100 shares traded.

A number of research analysts have recently issued reports on AVTE shares. Cowen initiated coverage on Aerovate Therapeutics in a research note on Monday, July 26th. They set an “outperform” rating on the stock. Evercore ISI initiated coverage on shares of Aerovate Therapeutics in a research report on Monday, July 26th. They issued an “outperform” rating for the company. Wedbush assumed coverage on shares of Aerovate Therapeutics in a research note on Sunday, July 25th. They set an “outperform” rating and a $23.00 target price on the stock. Finally, Jefferies Financial Group initiated coverage on shares of Aerovate Therapeutics in a research report on Monday, July 26th. They set a “buy” rating and a $21.00 target price on the stock.

The firm has a 50 day moving average price of $15.20.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings data on Sunday, August 15th. The company reported ($23.80) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($23.64). Analysts expect that Aerovate Therapeutics, Inc. will post -1.53 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC acquired a new stake in Aerovate Therapeutics in the second quarter valued at approximately $1,485,000. Goldman Sachs Group Inc. bought a new stake in shares of Aerovate Therapeutics during the second quarter valued at about $2,392,000. Squarepoint Ops LLC bought a new stake in Aerovate Therapeutics in the second quarter worth about $205,000. Citadel Advisors LLC purchased a new position in Aerovate Therapeutics in the 2nd quarter worth about $35,472,000. Finally, Maven Securities LTD purchased a new position in Aerovate Therapeutics during the 2nd quarter valued at about $225,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

About Aerovate Therapeutics (NASDAQ:AVTE)

Aerovate Therapeutics Inc is a clinical stage biopharmaceutical company. It focused on developing drugs for cardiopulmonary disease. The company’s product pipeline consist AV-101. Aerovate Therapeutics Inc is based in BOSTON.

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