Aerovate Therapeutics (NASDAQ:AVTE) Given Outperform Rating at Wedbush

Wedbush restated their outperform rating on shares of Aerovate Therapeutics (NASDAQ:AVTE) in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a $41.00 target price on the stock.

Several other research firms have also recently commented on AVTE. Jefferies Financial Group assumed coverage on Aerovate Therapeutics in a research note on Monday, March 25th. They set a buy rating and a $65.00 target price for the company. Wells Fargo & Company restated an overweight rating and set a $35.00 price objective on shares of Aerovate Therapeutics in a research note on Monday, April 1st.

Aerovate Therapeutics Stock Performance

AVTE opened at $18.00 on Wednesday. The firm has a 50 day moving average price of $23.78 and a 200 day moving average price of $20.69. The company has a market cap of $518.58 million, a PE ratio of -5.92 and a beta of 1.40. Aerovate Therapeutics has a 1 year low of $9.41 and a 1 year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings data on Monday, March 25th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.06). On average, sell-side analysts predict that Aerovate Therapeutics will post -2.94 earnings per share for the current year.

Insiders Place Their Bets

In other Aerovate Therapeutics news, insider George A. Eldridge sold 3,433 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $25.25, for a total value of $86,683.25. Following the sale, the insider now directly owns 1,960 shares of the company’s stock, valued at $49,490. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Aerovate Therapeutics news, insider George A. Eldridge sold 3,433 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $25.25, for a total value of $86,683.25. Following the sale, the insider now directly owns 1,960 shares of the company’s stock, valued at $49,490. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy P. Noyes sold 10,000 shares of the firm’s 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 disclosure for this sale can be found here. Insiders have sold 102,772 shares of company stock valued at $2,609,082 over the last three months. Company insiders own 24.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AVTE. Vestal Point Capital LP acquired a new position in shares of Aerovate Therapeutics during the fourth quarter valued at $9,052,000. Ikarian Capital LLC acquired a new position in shares of Aerovate Therapeutics during the first quarter valued at $10,881,000. Silverarc Capital Management LLC acquired a new position in shares of Aerovate Therapeutics during the third quarter valued at $1,357,000. Vanguard Group Inc. grew its holdings in Aerovate Therapeutics by 7.2% during the first 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 during the period. Finally, Eventide Asset Management LLC acquired a new position in Aerovate Therapeutics during the fourth quarter worth about $276,000.

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.