Aerovate Therapeutics (NASDAQ:AVTE) Downgraded to Neutral by BTIG Research

BTIG Research cut the company’s shares Aerovate Therapeutics (NASDAQ:AVTE – Free Report) from a buy rating to neutral, according to a report published on Monday morning, Marketbeat reports.

Several other research firms have also recently commented on AVTE. Wells Fargo & Company maintained an “overperform” rating and set a $35.00 price target on shares of Aerovate Therapeutics in a report on Monday, April 1st. On Monday, March 25, Jefferies Financial Group covered the stock of Aerovate Therapeutics in a research report. They set a Buy rating and $65.00 price target for the company. Finally, in a research report on Monday, Wedbush downgraded shares of Aerovate Therapeutics from an outperform rating to a neutral rating and cut their price target on the stock from $41.00 to $3.00. Four analysts have rated the stock with a hold rating and one has rated the stock with a buy rating. According to MarketBeat.com, Aerovate Therapeutics currently has an average rating of Hold and a consensus price target of $13.33.

Read our latest report on Aerovat therapy

Aerovate Therapeutics stock drops 93.3%

On Monday, NASDAQ AVTE opened at $1.65. Aerovate Therapeutics has a 52-week low of $1.50 and a 52-week high of $32.42. The market capitalization of the company’s shares is $47.55 million, the PE ratio is -0.54 and the beta is 1.30. The company has a 50-day moving average of $20.57 and a two-hundred-day moving average of $21.29.

Aerovate Therapeutics (NASDAQ:AVTE – Get Free Report) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.09). Equities research analysts expect Aerovate Therapeutics to post -2.94 earnings per share for the current fiscal year.

Confidential business at Aerovate Therapeutics

In related news, CEO Timothy P. Noyes sold 10,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.00, for a total value of $300,000.00. The transaction was disclosed in a filing with the Securities and Exchange Commission, available on the SEC’s website. In related news, whistleblower Marinus Verwijs sold shares of the company on Thursday, May 2, 1981 in a transaction. The shares were sold at an average price of $21.02 for a total value of $41,640.62. The transaction was disclosed in a filing with the Securities and Exchange Commission, available on the SEC’s website. Additionally, CEO Timothy P. Noyes sold 10,000 shares of the company’s stock on Monday, April 1st in a transaction. The shares were sold at an average price of $30.00, for a total transaction amount of $300,000.00. The announcement of this sale can be found here. Over the last 90 days, insiders have sold a total of 106,398 shares of company stock worth $2,696,369. 24.90% of the shares are owned by insiders.

Hedge funds are betting on Aerovate therapies

Many large investors have recently bought and sold AVTE stock. Vestal Point Capital LP purchased a new position in Aerovate Therapeutics during the fourth quarter worth $9,052,000. Ikarian Capital LLC acquired a new position in Aerovate Therapeutics during the first quarter worth $10,881,000. Vanguard Group Inc. increased its position in Aerovate Therapeutics by 7.2% in the first quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after purchasing an additional 45,444 shares in the last quarter. Eventide Asset Management LLC acquired a new position in Aerovate Therapeutics during the fourth quarter worth $276,000. Finally, Swiss National Bank increased its position in the Aerovate Therapeutics segment 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.

Aerovate Therapeutics company profile

(Get the free report)

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops medicines to improve the lives of patients with rare cardiopulmonary diseases in the United States. It is focused on advancing AV-101, an inhaled dry powder formulation of imatinib for the treatment of pulmonary arterial hypertension, which is in a Phase 2b/Phase 3 trial.

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