Aerovate Therapeutics, Inc. to Post Q3 2024 Earnings of ($0.72) Per Share, Wedbush Forecasts (NASDAQ:AVTE)

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) – Analysts at Wedbush cut their Q3 2024 earnings estimates for shares of Aerovate Therapeutics in a research report issued on Monday, June 17th. Wedbush analyst L. Chico now anticipates that the company will post earnings per share of ($0.72) for the quarter, down from their prior estimate of ($0.66). Wedbush has a “Neutral” rating and a $3.00 price target on the stock. The consensus estimate for Aerovate Therapeutics’ current full-year earnings is ($2.94) per share. Wedbush also issued estimates for Aerovate Therapeutics’ Q4 2024 earnings at ($0.73) EPS, FY2024 earnings at ($3.00) EPS, Q1 2025 earnings at ($0.66) EPS, Q2 2025 earnings at ($0.57) EPS, Q3 2025 earnings at ($0.40) EPS, Q4 2025 earnings at ($0.15) EPS and FY2025 earnings at ($1.77) EPS.

AVTE has been the topic of several other research reports. Wells Fargo & Company cut shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $35.00 to $2.00 in a research note on Tuesday. Evercore ISI cut shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and lowered their target price for the stock from $27.00 to $2.00 in a research note on Tuesday. BTIG Research cut shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a research note on Monday. Guggenheim reaffirmed a “neutral” rating on shares of Aerovate Therapeutics in a research note on Monday. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $2.00 target price (down previously from $65.00) on shares of Aerovate Therapeutics in a research note on Monday. Six research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.25.

Aerovate Therapeutics Price Performance

Aerovate Therapeutics stock opened at $1.41 on Wednesday. The company’s fifty day moving average price is $20.57 and its 200 day moving average price is $21.29. Aerovate Therapeutics has a 1 year low of $1.40 and a 1 year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.09).

Institutional Trading of Aerovate Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ikarian Capital LLC purchased a new stake in Aerovate Therapeutics during the first quarter worth about $10,881,000. Vanguard Group Inc. raised its stake in 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 acquiring an additional 45,444 shares in the last quarter. Eventide Asset Management LLC purchased a new stake in Aerovate Therapeutics in the fourth quarter valued at $276,000. Vestal Point Capital LP purchased a new stake in Aerovate Therapeutics in the fourth quarter valued at $9,052,000. Finally, Alps Advisors Inc. grew its holdings in shares of Aerovate Therapeutics by 11.3% during the third 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.

Insider Activity

In other news, insider Benjamin T. Dake sold 3,432 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $28.01, for a total transaction of $96,130.32. Following the transaction, the insider now owns 1,291 shares of the company’s stock, valued at approximately $36,160.91. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Marinus Verwijs sold 1,981 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $21.02, for a total value of $41,640.62. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Benjamin T. Dake sold 3,432 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $28.01, for a total transaction of $96,130.32. Following the completion of the sale, the insider now owns 1,291 shares in the company, valued at $36,160.91. The disclosure for this sale can be found here. In 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.

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.