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

Wedbush reiterated their outperform rating on shares of Aerovate Therapeutics (NASDAQ:AVTE) in a research report sent to investors on Wednesday, Benzinga reports. Wedbush currently has a $41.00 price target on the stock.

Other analysts also recently issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Aerovate Therapeutics in a report on Monday, March 25th. They issued a buy rating and a $65.00 price objective on the stock. Wells Fargo & Company reaffirmed an overweight rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a report on Monday, April 1st.

Aerovate Therapeutics Price Performance

Shares of NASDAQ:AVTE opened at $17.09 on Wednesday. The business’s 50-day moving average is $23.45 and its 200 day moving average is $20.76. Aerovate Therapeutics has a 1 year low of $9.41 and a 1 year high of $32.42. The firm has a market capitalization of $492.36 million, a P/E ratio of -5.62 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, analysts expect that Aerovate Therapeutics will post -2.94 EPS for the current year.

Insider Buying and Selling at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider George A. Eldridge sold 3,433 shares of Aerovate Therapeutics stock in a transaction on Monday, March 11th. The shares were sold at an average price of $25.25, for a total value of $86,683.25. Following the completion of the transaction, the insider now owns 1,960 shares of the company’s stock, valued at $49,490. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Hunter Gillies sold 4,000 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $21.08, for a total value of $84,320.00. Following the completion of the sale, the insider now owns 5,602 shares of the company’s stock, valued at approximately $118,090.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider George A. Eldridge sold 3,433 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $25.25, for a total transaction of $86,683.25. Following the transaction, the insider now directly owns 1,960 shares in the company, valued at $49,490. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 102,261 shares of company stock valued at $2,599,117. 24.90% of the stock is owned by company insiders.

Institutional Trading of Aerovate Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Eventide Asset Management LLC acquired a new stake in Aerovate Therapeutics during the 4th quarter worth $276,000. Alps Advisors Inc. boosted its holdings in shares of 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 purchasing an additional 2,075 shares during the last quarter. Swiss National Bank grew its position in shares of Aerovate Therapeutics by 30.9% in the third 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 in the last quarter. Silverarc Capital Management LLC acquired a new stake in shares of Aerovate Therapeutics in the third quarter valued at approximately $1,357,000. Finally, Vestal Point Capital LP acquired a new position in shares of Aerovate Therapeutics during the 4th quarter valued at about $9,052,000.

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.