Aerovate Therapeutics downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Aerovate Therapeutics to Equal Weight from Overweight with a price target of $2, down from $35, following the company’s announcement that AV-101 did not meet its primary endpoint for any of the studied doses or show meaningful improvements in the secondary endpoint of change in six-minute walk distance. The firm viewed the probability of an outright failure as “generally unlikely,” but admits “our thesis was ultimately wrong.”