Guggenheim Reiterates “Neutral” Rating for Aerovate Therapeutics (NASDAQ:AVTE)

Aerovate Therapeutics (NASDAQ:AVTEGet Free Report)‘s stock had its “neutral” rating reissued by analysts at Guggenheim in a research report issued on Monday, Marketbeat Ratings reports.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Aerovate Therapeutics in a report on Monday, April 1st. Jefferies Financial Group initiated coverage on shares of Aerovate Therapeutics in a report on Monday, March 25th. They issued a “buy” rating and a $65.00 price target on the stock. BTIG Research lowered Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a research report on Monday. Finally, Wedbush cut Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $41.00 to $3.00 in a report on Monday. Six analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.25.

View Our Latest Stock Report on Aerovate Therapeutics

Aerovate Therapeutics Price Performance

Shares of NASDAQ:AVTE opened at $1.41 on Monday. Aerovate Therapeutics has a 1 year low of $1.40 and a 1 year high of $32.42. The stock’s fifty day moving average price is $20.57 and its 200-day moving average price is $21.29. The company has a market cap of $40.64 million, a P/E ratio of -0.46 and a beta of 1.30.

Aerovate Therapeutics (NASDAQ:AVTEGet Free Report) last posted its earnings results on Monday, May 13th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.09). On average, sell-side analysts anticipate 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 15,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $25.03, for a total value of $375,450.00. Following the completion of the sale, the insider now owns 5,022 shares of the company’s stock, valued at $125,700.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Aerovate Therapeutics news, insider George A. Eldridge sold 15,000 shares of Aerovate Therapeutics stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $25.03, for a total transaction of $375,450.00. Following the completion of the sale, the insider now directly owns 5,022 shares in the company, valued at approximately $125,700.66. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Benjamin T. Dake sold 3,432 shares of the business’s stock in a transaction on 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 $36,160.91. The disclosure for this sale can be found here. Over the last three months, insiders have sold 106,398 shares of company stock valued at $2,696,369. 24.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Aerovate Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Eventide Asset Management LLC acquired a new position in shares of Aerovate Therapeutics during the fourth quarter valued at approximately $276,000. Alps Advisors Inc. increased its position 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 in the last quarter. Swiss National Bank raised its stake in Aerovate Therapeutics by 30.9% in the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after purchasing an additional 5,000 shares during the last quarter. Vestal Point Capital LP purchased a new position in Aerovate Therapeutics in the 4th quarter valued at $9,052,000. Finally, Ikarian Capital LLC acquired a new stake in Aerovate Therapeutics during the 1st quarter worth $10,881,000.

About Aerovate Therapeutics

(Get Free Report)

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.

Featured Stories

Analyst Recommendations for Aerovate Therapeutics (NASDAQ:AVTE)

Receive News & Ratings for Aerovate Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Aerovate Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.