Wedbush Reiterates “Outperform” Rating for Aerovate Therapeutics (NASDAQ:AVTE)

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

AVTE has been the subject of a number of other reports. Wells Fargo & Company reissued an overweight rating and issued a $35.00 price objective on shares of Aerovate Therapeutics in a report on Monday, April 1st. Jefferies Financial Group assumed coverage on shares of Aerovate Therapeutics in a research report on Monday, March 25th. They issued a buy rating and a $65.00 price target on the stock.

Aerovate Therapeutics Stock Down 0.2 %

Shares of NASDAQ:AVTE opened at $17.09 on Wednesday. The company has a market cap of $492.36 million, a PE ratio of -5.62 and a beta of 1.40. Aerovate Therapeutics has a fifty-two week low of $9.41 and a fifty-two week high of $32.42. The firm has a 50-day simple moving average of $23.45 and a 200 day simple moving average of $20.76.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its earnings results on Monday, March 25th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.06). As a group, research analysts forecast that Aerovate Therapeutics will post -2.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Hunter Gillies sold 4,000 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $21.08, for a total transaction of $84,320.00. Following the completion of the sale, the insider now directly owns 5,602 shares of the company’s stock, valued at approximately $118,090.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Aerovate Therapeutics news, insider Hunter Gillies sold 4,000 shares of Aerovate Therapeutics stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $21.08, for a total transaction of $84,320.00. Following the transaction, the insider now owns 5,602 shares of the company’s stock, valued at approximately $118,090.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider George A. Eldridge sold 3,433 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $25.25, for a total transaction of $86,683.25. Following the completion of the sale, the insider now directly owns 1,960 shares of the company’s stock, valued at $49,490. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 102,261 shares of company stock worth $2,599,117. 24.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Aerovate Therapeutics

Large investors have recently made changes to their positions in the company. Ikarian Capital LLC bought a new position in shares of Aerovate Therapeutics during the 1st quarter valued at $10,881,000. Vanguard Group Inc. raised 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 valued at $19,879,000 after buying an additional 45,444 shares in the last quarter. Eventide Asset Management LLC acquired a new position in Aerovate Therapeutics during the fourth quarter valued at approximately $276,000. Vestal Point Capital LP acquired a new stake in shares of Aerovate Therapeutics in the fourth quarter worth $9,052,000. Finally, Alps Advisors Inc. lifted its stake in shares of Aerovate Therapeutics by 11.3% in the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after buying an additional 2,075 shares during the last quarter.

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.