Guggenheim Starts Aerovate Therapeutics Inc (AVTE) at Buy

Guggenheim analyst Vamil Divan initiates coverage on Aerovate Therapeutics Inc (NASDAQ: AVTE) with a Buy rating and a price target of $36.00.

The analyst comments "We are initiating coverage on AVTE shares with a BUY rating and $36 price target. We see Merck's sotatercept as a game changer in how pulmonary arterial hypertension (PAH) is treated going forward but still see a significant market opportunity for drugs with novel mechanisms of action to be used after or in combination with sotatercept. We are especially interested in tyrosine kinase inhibitors (TKIs) for PAH given positive efficacy data from oral imatinib in the IMPRES trial and believe inhaled TKIs in particular may be able to deliver the right balance of efficacy and safety. We are optimistic on AVTE's AV-101 given it is an inhaled formulation of imatinib itself (as opposed to a different TKI) and expect statistically significant and clinically meaningful results from the ongoing IMPAHCT trial, with management planning to release top-line Phase 2b data later this year or early next year. We assign a 60% probability of success for AV-101 and estimate peak unadjusted US annual sales potential of >$1Bn."

For an analyst ratings summary and ratings history on Aerovate Therapeutics Inc click here. For more ratings news on Aerovate Therapeutics Inc click here.

Shares of Aerovate Therapeutics Inc closed at $24.46 yesterday.

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