Aerovate Therapeutics (NASDAQ:AVTE) Rating Lowered to Sell at Zacks Investment Research

Aerovate Therapeutics (NASDAQ:AVTE – Get Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday, Zacks.com reports.

According to Zacks, “Aerovate Therapeutics Inc. is a clinical stage biopharmaceutical company. It focused on developing drugs for cardiopulmonary disease. The company’s product pipeline consist AV-101. Aerovate Therapeutics Inc. is based in BOSTON. “

AVTE has been the topic of a number of other reports. Wedbush reiterated an “outperform” rating and issued a $23.00 target price on shares of Aerovate Therapeutics in a research report on Thursday, March 31st. BTIG Research began coverage on Aerovate Therapeutics in a research report on Friday, February 11th. They issued a “buy” rating and a $24.00 target price on the stock. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, Aerovate Therapeutics presently has a consensus rating of “Buy” and an average target price of $22.67.

Shares of NASDAQ:AVTE traded down $0.72 during mid-day trading on Friday, reaching $14.20. The stock had a trading volume of 45,599 shares, compared to its average volume of 51,240. Aerovate Therapeutics has a 1 year low of $7.74 and a 1 year high of $29.43. The business’s 50 day moving average price is $13.47 and its 200 day moving average price is $13.03.

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada purchased a new stake in Aerovate Therapeutics during the third quarter valued at approximately $27,000. New York State Common Retirement Fund bought a new position in shares of Aerovate Therapeutics during the third quarter valued at approximately $38,000. Citigroup Inc. grew its stake in shares of Aerovate Therapeutics by 201.8% during the fourth quarter. Citigroup Inc. now owns 3,468 shares of the company’s stock valued at $41,000 after buying an additional 2,319 shares during the last quarter. Strs Ohio bought a new position in shares of Aerovate Therapeutics during the third quarter valued at approximately $48,000. Finally, Wells Fargo & Company MN grew its stake in shares of Aerovate Therapeutics by 8,027.3% during the fourth quarter. Wells Fargo & Company MN now owns 4,470 shares of the company’s stock valued at $52,000 after buying an additional 4,415 shares during the last quarter. Institutional investors and hedge funds own 91.23% of the company’s stock.

Aerovate Therapeutics Company Profile (Get Rating)

Aerovate Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on developing drugs that enhance the lives of patients with rare cardiopulmonary disease. It focuses on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension. The company was incorporated in 2018 and is headquartered in Boston, Massachusetts.

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