Deerfield Management Company L.P. Series C Takes Position in Aerovate Therapeutics, Inc. (NASDAQ:AVTE)

Deerfield Management Company L.P. Series C acquired a new stake in shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,411,608 shares of the company’s stock, valued at approximately $2,343,000. Deerfield Management Company L.P. Series C owned about 4.90% of Aerovate Therapeutics at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Values First Advisors Inc. bought a new stake in shares of Aerovate Therapeutics during the second quarter valued at approximately $26,000. XTX Topco Ltd bought a new stake in Aerovate Therapeutics in the second quarter worth $35,000. Cubist Systematic Strategies LLC bought a new stake in Aerovate Therapeutics in the second quarter worth $53,000. Quest Partners LLC increased its position in Aerovate Therapeutics by 610.2% in the second quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock worth $55,000 after purchasing an additional 28,230 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Aerovate Therapeutics by 69.9% in the second quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock worth $78,000 after purchasing an additional 19,324 shares during the last quarter.

Analyst Ratings Changes

Several brokerages recently weighed in on AVTE. BTIG Research cut shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a research report on Monday, June 17th. Evercore ISI cut shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and reduced their price target for the stock from $27.00 to $2.00 in a research report on Tuesday, June 18th. Jefferies Financial Group reaffirmed a “hold” rating and set a $2.00 price objective (down from $65.00) on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Wedbush lowered shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $41.00 to $3.00 in a research note on Monday, June 17th. Finally, Wells Fargo & Company lowered shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $35.00 to $2.00 in a research note on Tuesday, June 18th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $2.25.

Aerovate Therapeutics Stock Up 0.8 %

NASDAQ AVTE opened at $1.97 on Thursday. The company has a fifty day moving average of $1.85 and a two-hundred day moving average of $12.06. The firm has a market capitalization of $56.87 million, a price-to-earnings ratio of -0.65 and a beta of 1.03. Aerovate Therapeutics, Inc. has a 52 week low of $1.25 and a 52 week high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its earnings results on Monday, August 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.10). Equities research analysts anticipate that Aerovate Therapeutics, Inc. will post -2.74 EPS for the current year.

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.