Aerovate Therapeutics (NASDAQ:AVTE) Downgraded to Hold at TD Cowen

Aerovate Therapeutics (NASDAQ:AVTE) was downgraded by investment analysts at TD Cowen from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, Briefing.com reports.

Other analysts have also recently issued research reports about the stock. Guggenheim reissued a “neutral” rating on shares of Aerovate Therapeutics in a research note on Monday. BTIG Research cut shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a research note on Monday. Jefferies Financial Group reissued a “hold” rating and issued a $2.00 price objective (down previously from $65.00) on shares of Aerovate Therapeutics in a research note on Monday. Wedbush cut shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $41.00 to $3.00 in a research note on Monday. Finally, Wells Fargo & Company cut shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $35.00 to $2.00 in a research report on Tuesday. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Aerovate Therapeutics has a consensus rating of “Hold” and a consensus target price of $2.33.

Aerovate Therapeutics Price Performance

Shares of AVTE opened at $1.65 on Tuesday. Aerovate Therapeutics has a one year low of $1.50 and a one year high of $32.42. The company has a market cap of $47.55 million, a P/E ratio of -0.54 and a beta of 1.30. The firm has a 50 day simple moving average of $20.57 and a two-hundred day simple moving average of $21.29.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its quarterly earnings data on Monday, May 13th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.09). On average, analysts expect that Aerovate Therapeutics will post -2.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 11,068 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $27.97, for a total transaction of $309,571.96. Following the sale, the insider now owns 1,291 shares of the company’s stock, valued at $36,109.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Benjamin T. Dake sold 3,325 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $31.97, for a total transaction of $106,300.25. Following the transaction, the insider now owns 1,291 shares of the company’s stock, valued at approximately $41,273.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin T. Dake sold 11,068 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $27.97, for a total transaction of $309,571.96. Following the transaction, the insider now directly owns 1,291 shares in the company, valued at approximately $36,109.27. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 106,398 shares of company stock valued at $2,696,369. 24.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in AVTE. Vestal Point Capital LP bought a new position in shares of Aerovate Therapeutics during the 4th quarter worth about $9,052,000. Ikarian Capital LLC bought a new position in shares of Aerovate Therapeutics during the 1st quarter worth about $10,881,000. Vanguard Group Inc. boosted its position in shares of Aerovate Therapeutics by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock worth $19,879,000 after purchasing an additional 45,444 shares in the last quarter. Eventide Asset Management LLC bought a new position in shares of Aerovate Therapeutics during the 4th quarter worth about $276,000. Finally, Swiss National Bank boosted its position in shares of Aerovate Therapeutics by 30.9% during the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock worth $288,000 after purchasing an additional 5,000 shares in the last quarter.

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.