Aerovate Therapeutics (NASDAQ:AVTE) Downgraded to “Inline” at Evercore ISI

Evercore ISI cut shares of Aerovate Therapeutics (NASDAQ:AVTE) from an outperform rating to an inline rating in a research note released on Tuesday morning, Marketbeat reports. Evercore ISI currently has $2.00 price objective on the stock, down from their prior price objective of $27.00.

AVTE has been the subject of a number of other reports. TD Cowen cut shares of Aerovate Therapeutics from a buy rating to a hold rating in a research note on Tuesday. Wells Fargo & Company cut shares of Aerovate Therapeutics from an overweight rating to an equal weight rating and reduced their price objective for the stock from $35.00 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. Jefferies Financial Group reaffirmed a hold rating and set a $2.00 target price (down from $65.00) on shares of Aerovate Therapeutics in a research note on Monday. Finally, Guggenheim reaffirmed a neutral rating on shares of Aerovate Therapeutics in a research note on Monday. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has an average rating of Hold and an average target price of $2.25.

Aerovate Therapeutics Trading Down 14.5 %

AVTE opened at $1.41 on Tuesday. Aerovate Therapeutics has a 1-year low of $1.40 and a 1-year high of $32.42. The company has a market capitalization of $40.64 million, a PE ratio of -0.46 and a beta of 1.30. The firm’s 50 day simple moving average is $20.57 and its two-hundred day simple moving average is $21.29.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its quarterly earnings data 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). Equities analysts forecast that Aerovate Therapeutics will post -2.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Aerovate Therapeutics news, CEO Timothy P. Noyes sold 10,000 shares of Aerovate Therapeutics 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Timothy P. Noyes sold 10,000 shares of Aerovate Therapeutics stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider George A. Eldridge sold 15,000 shares of Aerovate Therapeutics stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $25.03, for a total transaction of $375,450.00. Following the transaction, the insider now directly owns 5,022 shares of the company’s stock, valued at $125,700.66. The disclosure for this sale can be found here. Insiders sold 106,398 shares of company stock valued at $2,696,369 in the last three months. Corporate insiders own 24.90% of the company’s stock.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of large investors have recently made changes to their positions in the company. Ikarian Capital LLC purchased a new position in shares of Aerovate Therapeutics during the 1st quarter worth about $10,881,000. Vanguard Group Inc. boosted its stake 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 during the period. Eventide Asset Management LLC purchased a new position in shares of Aerovate Therapeutics during the 4th quarter worth about $276,000. Vestal Point Capital LP purchased a new position in shares of Aerovate Therapeutics during the 4th quarter worth about $9,052,000. Finally, Alps Advisors Inc. boosted its position in Aerovate Therapeutics by 11.3% in the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after buying an additional 2,075 shares during the period.

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.