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With 57.61% Distance From Low, Is Aerovate Therapeutics Inc. (NASDAQ:AVTE) Still Renewed For Growth?

In last trading session, Aerovate Therapeutics Inc. (NASDAQ:AVTE) saw 0.45 million shares changing hands with its beta currently measuring 0. Company’s recent per share price level of $18.26 trading at -$0.63 or -3.34% at ring of the bell on the day assigns it a market valuation of $481.52M. That closing price of AVTE’s stock is at a discount of -52.41% from its 52-week high price of $27.83 and is indicating a premium of 57.61% from its 52-week low price of $7.74. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 0.1 million shares which gives us an average trading volume of 79.20K if we extend that period to 3-months.

For Aerovate Therapeutics Inc. (AVTE), analysts’ consensus is at an average recommendation of a Buy while assigning it a mean rating of 1.80. Splitting up the data highlights that, out of 5 analysts covering the stock, 0 rated the stock as a Sell while 0 recommended an Overweight rating for the stock. 1 suggested the stock as a Hold whereas 4 see the stock as a Buy. 0 analyst(s) advised it as an Underweight. The company is expected to be making an EPS of -$0.5 in the current quarter.

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Aerovate Therapeutics Inc. (NASDAQ:AVTE) trade information

Upright in the red during last session for losing -3.34%, in the last five days AVTE remained trading in the red while hitting it’s week-highest on Thursday, 11/17/22 when the stock touched $18.26 price level, adding 10.09% to its value on the day. Aerovate Therapeutics Inc.’s shares saw a change of 54.88% in year-to-date performance and have moved -7.54% in past 5-day. Aerovate Therapeutics Inc. (NASDAQ:AVTE) showed a performance of -13.05% in past 30-days. Number of shares sold short was 1.51 million shares which calculate 16.09 days to cover the short interests.

Wall Street analysts have assigned a consensus price target of $26.33 to the stock, which implies a rise of 30.65% to its current value. Analysts have been projecting $25.00 as a low price target for the stock while placing it at a high target of $27.00. It follows that stock’s current price would drop -47.86% in reaching the projected high whereas dropping to the targeted low would mean a loss of -36.91% for stock’s current value.

Aerovate Therapeutics Inc. (AVTE) estimates and forecasts

Statistics highlight that Aerovate Therapeutics Inc. is scoring comparatively lower than the scores of other players of the relevant industry. The company added 46.67% of value to its shares in past 6 months, showing an annual growth rate of -10.70% while that of industry is 4.60. Apart from that, the company came lowering its revenue forecast for fiscal year 2022. The company is estimating its revenue growth to decrease by -92.30% in the current quarter and calculating -45.70% decrease in the next quarter.

AVTE Dividends

Aerovate Therapeutics Inc. is more likely to be releasing its next quarterly report on August 15 and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.

Aerovate Therapeutics Inc. (NASDAQ:AVTE)’s Major holders

Insiders are in possession of 0.03% of company’s total shares while institution are holding 105.05 percent of that, with stock having share float percentage of 105.07%. Investors also watch the number of corporate investors in a company very closely, which is 105.05% institutions for Aerovate Therapeutics Inc. that are currently holding shares of the company. RA Capital Management, L.P. is the top institutional holder at AVTE for having 8.26 million shares of worth $129.17 million. And as of Jun 29, 2022, it was holding 33.85% of the company’s outstanding shares.

The second largest institutional holder is Sofinnova Investments, Inc., which was holding about 3.76 million shares on Jun 29, 2022. The number of shares represents firm’s hold over 15.40% of outstanding shares, having a total worth of $58.75 million.

On the other hand, Alger Small Cap Focus Fund and Fidelity Advisor Biotechnology Fund are the top two Mutual Funds which own company’s shares. As of Jul 30, 2022, the former fund manager was holding 0.74 million shares of worth $16.46 million or 3.03% of the total outstanding shares. The later fund manager was in possession of 0.32 million shares on Aug 30, 2022, making its stake of worth around $6.39 million in the company or a holder of 1.32% of company’s stock.

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