Aerovate Therapeutics (NASDAQ:AVTE) Given Hold Rating at Jefferies Financial Group

Jefferies Financial Group reaffirmed their hold rating on shares of Aerovate Therapeutics (NASDAQ:AVTE) in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a $2.00 target price on the stock, down from their prior target price of $65.00.

AVTE has been the topic of several other reports. Guggenheim reiterated a neutral rating on shares of Aerovate Therapeutics in a research note on Monday. BTIG Research downgraded Aerovate Therapeutics from a buy rating to a neutral rating in a report on Monday. Wedbush downgraded Aerovate Therapeutics from an outperform rating to a neutral rating and decreased their price objective for the company from $41.00 to $3.00 in a report on Monday. Finally, Wells Fargo & Company reaffirmed an overweight rating and set a $35.00 price target on shares of Aerovate Therapeutics in a report on Monday, April 1st. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $13.33.

Aerovate Therapeutics Stock Performance

AVTE stock opened at $1.65 on Monday. The company’s 50 day moving average price is $20.57 and its 200 day moving average price is $21.29. Aerovate Therapeutics has a fifty-two week low of $1.50 and a fifty-two week high of $32.42. The firm has a market capitalization of $47.55 million, a price-to-earnings ratio of -0.54 and a beta of 1.30.

Aerovate Therapeutics (NASDAQ:AVTE) last announced 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 analysts forecast that Aerovate Therapeutics will post -2.94 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Benjamin T. Dake sold 11,068 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $27.97, for a total transaction of $309,571.96. Following the completion of the sale, the insider now directly owns 1,291 shares of the company’s stock, valued at $36,109.27. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 11,068 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $27.97, for a total value of $309,571.96. Following the completion of the sale, the insider now owns 1,291 shares of the company’s stock, valued at $36,109.27. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Marinus Verwijs sold 1,981 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $21.02, for a total value of $41,640.62. The disclosure for this sale can be found here. Insiders sold a total of 106,398 shares of company stock valued at $2,696,369 over the last three months. 24.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Aerovate Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Eventide Asset Management LLC acquired a new stake in Aerovate Therapeutics in the fourth quarter valued at $276,000. Alps Advisors Inc. lifted its holdings in Aerovate Therapeutics by 11.3% in the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after acquiring an additional 2,075 shares during the period. Swiss National Bank increased 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 buying an additional 5,000 shares in the last quarter. Vestal Point Capital LP purchased a new position in shares of Aerovate Therapeutics in the fourth quarter valued at $9,052,000. Finally, Ikarian Capital LLC purchased a new position in shares of Aerovate Therapeutics in the first quarter valued at $10,881,000.

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.