Aerovate Therapeutics downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Liisa Bayko downgraded Aerovate Therapeutics to In Line from Outperform with a price target of $2, down from $27, after AV-101, an inhaled form of imatinib, was “an abject failure in PAH,” or pulmonary arterial hypertension, showing no clinically relevant benefit on PVR nor six minute walk distance. This was the only program in Aerovate’s portfolio and as such the firm expects the stock to trade to cash, net of any costs required to shut down the ongoing Phase 3 IMPAHCT program, the analyst tells investors.