What is Wedbush's Forecast for AVTE FY2024 Earnings?

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Free Report) - Investment analysts at Wedbush raised their FY2024 earnings per share estimates for shares of Aerovate Therapeutics in a report issued on Wednesday, November 13th. Wedbush analyst L. Chico now forecasts that the company will post earnings per share of ($2.85) 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 Stock Down 1.2 %

Shares of Aerovate Therapeutics stock traded down $0.03 during trading on Friday, hitting $2.53. 523,852 shares of the stock traded hands, compared to its average volume of 618,118. Aerovate Therapeutics has a 52 week low of $1.25 and a 52 week high of $32.42. The firm's fifty day moving average is $2.20 and its 200-day moving average is $6.31. The stock has a market cap of $73.05 million, a price-to-earnings ratio of -0.85 and a beta of 1.00.

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

Institutional Investors Weigh In On Aerovate Therapeutics

A number of large investors have recently made changes to their positions in AVTE. Vanguard Group Inc. boosted its position in Aerovate Therapeutics by 7.2% in the first quarter. Vanguard Group Inc. now owns 672,275 shares of the company's stock worth $19,879,000 after purchasing an additional 45,444 shares during the last quarter. Ikarian Capital LLC purchased a new stake in shares of Aerovate Therapeutics in the 1st quarter worth $10,881,000. SG Americas Securities LLC bought a new position in shares of Aerovate Therapeutics during the second quarter valued at approximately $298,000. Values First Advisors Inc. purchased a new position in Aerovate Therapeutics in the second quarter valued at about $26,000. Finally, Bank of New York Mellon Corp grew its stake in Aerovate Therapeutics by 69.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company's stock valued at $78,000 after purchasing an additional 19,324 shares during the last quarter.

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.