Aerovate Therapeutics (NASDAQ:AVTE) Posts Earnings Results, Misses Estimates By $0.22 EPS

Aerovate Therapeutics (NASDAQ:AVTEGet Rating) posted its earnings results on Monday. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.22), MarketWatch Earnings reports.

Shares of NASDAQ:AVTE opened at $11.60 on Tuesday. The company’s 50-day moving average is $14.42 and its 200 day moving average is $12.57. Aerovate Therapeutics has a fifty-two week low of $7.74 and a fifty-two week high of $29.43.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. bought a new stake in Aerovate Therapeutics in the fourth quarter worth about $221,000. Susquehanna International Group LLP purchased a new stake in shares of Aerovate Therapeutics during the 4th quarter worth approximately $186,000. JPMorgan Chase & Co. raised its holdings in shares of Aerovate Therapeutics by 49.8% in the 1st quarter. JPMorgan Chase & Co. now owns 9,007 shares of the company’s stock worth $165,000 after purchasing an additional 2,995 shares during the period. Squarepoint Ops LLC purchased a new position in Aerovate Therapeutics in the fourth quarter valued at approximately $153,000. Finally, American International Group Inc. grew its holdings in Aerovate Therapeutics by 21.3% during the first quarter. American International Group Inc. now owns 6,494 shares of the company’s stock valued at $119,000 after purchasing an additional 1,140 shares during the period. Institutional investors and hedge funds own 92.10% of the company’s stock.

A number of research analysts have recently weighed in on AVTE shares. Wedbush restated an “outperform” rating and issued a $23.00 target price on shares of Aerovate Therapeutics in a report on Thursday, March 31st. BTIG Research initiated coverage on shares of Aerovate Therapeutics in a report on Friday, February 11th. They set a “buy” rating and a $24.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Aerovate Therapeutics from a “hold” rating to a “sell” rating in a research note on Thursday, April 28th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $22.67.

Aerovate Therapeutics Company Profile (Get Rating)

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of drugs that enhance the lives of patients with rare cardiopulmonary diseases in the United States. The company 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.

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