Deerfield Management Company L.P. Series C Acquires New Holdings in Aerovate Therapeutics, Inc. (NASDAQ:AVTE)

Deerfield Management Company L.P. Series C acquired a new position in shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,411,608 shares of the company's stock, valued at approximately $2,343,000. Deerfield Management Company L.P. Series C owned about 4.90% of Aerovate Therapeutics at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Eventide Asset Management LLC purchased a new position in Aerovate Therapeutics in the fourth quarter worth $276,000. Values First Advisors Inc. purchased a new position in Aerovate Therapeutics during the 2nd quarter worth $26,000. XTX Topco Ltd acquired a new position in Aerovate Therapeutics during the 2nd quarter valued at about $35,000. Cubist Systematic Strategies LLC purchased a new stake in Aerovate Therapeutics in the second quarter valued at about $53,000. Finally, Quest Partners LLC raised its stake in Aerovate Therapeutics by 610.2% in the second quarter. Quest Partners LLC now owns 32,856 shares of the company's stock valued at $55,000 after buying an additional 28,230 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts have issued reports on AVTE shares. BTIG Research cut shares of Aerovate Therapeutics from a "buy" rating to a "neutral" rating in a report on Monday, June 17th. TD Cowen downgraded Aerovate Therapeutics from a "buy" rating to a "hold" rating in a research note on Tuesday, June 18th. Jefferies Financial Group restated a "hold" rating and issued a $2.00 price objective (down from $65.00) on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Wells Fargo & Company lowered Aerovate Therapeutics from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $35.00 to $2.00 in a research report on Tuesday, June 18th. Finally, Wedbush lowered shares of Aerovate Therapeutics from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $41.00 to $3.00 in a research report on Monday, June 17th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Aerovate Therapeutics has a consensus rating of "Hold" and a consensus target price of $2.25.

Aerovate Therapeutics Stock Performance

Aerovate Therapeutics stock traded up $0.11 during trading on Thursday, reaching $2.08. The company had a trading volume of 154,109 shares, compared to its average volume of 504,977. The firm has a market capitalization of $60.05 million, a PE ratio of -0.68 and a beta of 1.03. The firm's 50-day simple moving average is $1.85 and its 200 day simple moving average is $11.99. Aerovate Therapeutics, Inc. has a 1-year low of $1.25 and a 1-year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE - Get Free Report) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.10). Analysts anticipate that Aerovate Therapeutics, Inc. will post -2.74 EPS for the current year.

Aerovate Therapeutics 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.