Wedbush Predicts Higher Earnings for Aerovate Therapeutics

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) – Stock analysts at Wedbush raised their FY2024 EPS estimates for shares of Aerovate Therapeutics in a report issued on Wednesday, November 13th. Wedbush analyst L. Chico now forecasts that the company will earn ($2.85) per share for the year, up from their previous estimate of ($2.91). The consensus estimate for Aerovate Therapeutics’ current full-year earnings is ($2.74) per share. Wedbush also issued estimates for Aerovate Therapeutics’ FY2025 earnings at ($1.14) EPS.

Aerovate Therapeutics Price Performance

NASDAQ AVTE opened at $2.53 on Friday. The stock’s 50-day moving average is $2.21 and its two-hundred day moving average is $6.09. Aerovate Therapeutics has a fifty-two week low of $1.25 and a fifty-two week high of $32.42. The firm has a market cap of $73.05 million, a P/E ratio of -0.85 and a beta of 1.00.

Aerovate Therapeutics (NASDAQ:AVTE) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.03.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of AVTE. Deerfield Management Company L.P. Series C acquired a new stake in shares of Aerovate Therapeutics during the second quarter worth approximately $2,343,000. Vanguard Group Inc. lifted its stake in Aerovate Therapeutics by 7.2% in the first quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after buying an additional 45,444 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Aerovate Therapeutics in the second quarter valued at approximately $35,000. Affinity Asset Advisors LLC acquired a new position in shares of Aerovate Therapeutics in the second quarter valued at approximately $332,000. Finally, Cubist Systematic Strategies LLC bought a new position in Aerovate Therapeutics during the 2nd quarter worth about $53,000.

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.