Wedbush Expects Increased Earnings for Aerovate Therapeutics

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) – Equities research analysts at Wedbush boosted their FY2024 earnings estimates for Aerovate Therapeutics in a note issued to investors on Wednesday, November 13th. Wedbush analyst L. Chico now anticipates that the company will post earnings of ($2.85) per share for the year, up from their prior forecast 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 (NASDAQ:AVTE) last posted its earnings results 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.

Aerovate Therapeutics Price Performance

Shares of NASDAQ:AVTE opened at $2.53 on Friday. The stock has a market cap of $73.05 million, a P/E ratio of -0.85 and a beta of 1.00. Aerovate Therapeutics has a 1-year low of $1.25 and a 1-year high of $32.42. The firm has a fifty day moving average price of $2.21 and a 200 day moving average price of $6.18.

Institutional Trading of Aerovate Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Values First Advisors Inc. purchased a new position in shares of Aerovate Therapeutics during the 2nd quarter worth approximately $26,000. XTX Topco Ltd purchased a new stake in Aerovate Therapeutics in the 2nd quarter valued at approximately $35,000. Barclays PLC lifted its position in shares of Aerovate Therapeutics by 310.8% in the third quarter. Barclays PLC now owns 18,972 shares of the company’s stock valued at $39,000 after acquiring an additional 14,354 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Aerovate Therapeutics during the 2nd quarter worth about $53,000. Finally, Quest Partners LLC boosted its position in Aerovate Therapeutics by 610.2% during the second quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock worth $55,000 after acquiring an additional 28,230 shares during the last quarter.

About Aerovate Therapeutics

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.