Aerovate Therapeutics, Inc. (NASDAQ:AVTE – Get Rating) – Wedbush cut their FY2022 EPS estimates for shares of Aerovate Therapeutics in a research report issued on Tuesday, November 15th. Wedbush analyst L. Moussatos now forecasts that the company will post earnings of ($2.06) per share for the year, down from their previous estimate of ($1.92). Wedbush currently has a "Outperform" rating and a $27.00 target price on the stock. The consensus estimate for Aerovate Therapeutics' current full-year earnings is ($1.94) per share. Wedbush also issued estimates for Aerovate Therapeutics' Q4 2022 earnings at ($0.56) EPS, Q1 2023 earnings at ($0.55) EPS, Q2 2023 earnings at ($0.55) EPS, Q3 2023 earnings at ($0.54) EPS, Q4 2023 earnings at ($0.54) EPS, FY2023 earnings at ($2.18) EPS, FY2024 earnings at ($2.11) EPS, FY2025 earnings at ($2.35) EPS and FY2026 earnings at ($1.10) EPS.
Get Aerovate Therapeutics alerts:Separately, BTIG Research downgraded shares of Aerovate Therapeutics from a "buy" rating to a "neutral" rating in a research report on Tuesday, August 16th.
Aerovate Therapeutics Trading Down 2.4 %
Shares of NASDAQ:AVTE opened at $19.28 on Thursday. The company has a market capitalization of $470.62 million, a PE ratio of -12.29 and a beta of 1.49. Aerovate Therapeutics has a twelve month low of $7.74 and a twelve month high of $27.83. The firm has a 50 day simple moving average of $18.04 and a 200-day simple moving average of $17.04.Aerovate Therapeutics (NASDAQ:AVTE – Get Rating) last issued its quarterly earnings data on Monday, August 15th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.03).
Insider Activity
In other news, insider Ralph Niven sold 2,250 shares of Aerovate Therapeutics stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $15.75, for a total value of $35,437.50. Following the transaction, the insider now directly owns 1,609 shares of the company's stock, valued at approximately $25,341.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 6,198 shares of the business's stock in a transaction on Friday, November 11th. The shares were sold at an average price of $20.69, for a total value of $128,236.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ralph Niven sold 2,250 shares of the business's stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $15.75, for a total transaction of $35,437.50. Following the completion of the transaction, the insider now directly owns 1,609 shares in the company, valued at $25,341.75. The disclosure for this sale can be found here. Insiders have sold 58,564 shares of company stock valued at $1,052,353 in the last ninety days. 17.80% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Aerovate Therapeutics
Institutional investors have recently bought and sold shares of the company. UBS Group AG acquired a new position in Aerovate Therapeutics in the 3rd quarter valued at $26,000. Amalgamated Bank purchased a new stake in shares of Aerovate Therapeutics during the 1st quarter worth $27,000. Parkwood LLC purchased a new stake in shares of Aerovate Therapeutics during the 2nd quarter worth $32,000. Russell Investments Group Ltd. purchased a new stake in shares of Aerovate Therapeutics during the 2nd quarter worth $32,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Aerovate Therapeutics by 569.7% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,449 shares of the company's stock worth $57,000 after purchasing an additional 2,934 shares in the last quarter.
Aerovate Therapeutics Company Profile
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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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