Atlas Venture Life Science Advisors LLC Sells 240,017 Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE)

Atlas Venture Life Science Advisors LLC reduced its position in shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) by 11.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,799,232 shares of the company’s stock after selling 240,017 shares during the period. Aerovate Therapeutics accounts for approximately 0.3% of Atlas Venture Life Science Advisors LLC’s holdings, making the stock its 14th biggest position. Atlas Venture Life Science Advisors LLC owned about 6.24% of Aerovate Therapeutics worth $2,987,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vestal Point Capital LP bought a new position in Aerovate Therapeutics in the 4th quarter worth approximately $9,052,000. Ikarian Capital LLC acquired a new stake in shares of Aerovate Therapeutics in the first quarter worth $10,881,000. SG Americas Securities LLC bought a new position in Aerovate Therapeutics during the second quarter worth $298,000. Warberg Asset Management LLC acquired a new position in Aerovate Therapeutics during the 2nd quarter valued at $111,000. Finally, Vanguard Group Inc. boosted its holdings in Aerovate Therapeutics by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after purchasing an additional 45,444 shares during the period.

Aerovate Therapeutics Price Performance

Shares of NASDAQ:AVTE opened at $1.90 on Friday. The business’s fifty day moving average price is $1.83 and its two-hundred day moving average price is $13.28. Aerovate Therapeutics, Inc. has a fifty-two week low of $1.25 and a fifty-two week high of $32.42. The stock has a market capitalization of $54.85 million, a price-to-earnings ratio of -0.63 and a beta of 1.03.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its earnings results on Monday, August 12th. The company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.10). Research analysts expect that Aerovate Therapeutics, Inc. will post -2.74 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Guggenheim reaffirmed a “neutral” rating on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Wells Fargo & Company downgraded Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $35.00 to $2.00 in a research report on Tuesday, June 18th. Evercore ISI cut Aerovate Therapeutics from an “outperform” rating to an “inline” rating and lowered their price objective for the company from $27.00 to $2.00 in a research report on Tuesday, June 18th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2.00 target price (down from $65.00) on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Finally, BTIG Research lowered shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, June 17th. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.25.

Aerovate Therapeutics Company Profile

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.