Aerovate Therapeutics assumed with a Buy at Jefferies

Jefferies assumed coverage of Aerovate Therapeutics with a Buy rating and price target of $65, up from $21. The company is developing inhaled imatinib for pulmonary arterial hypertension with “major derisking” Phase IIB data in June, the analyst tells investors in a research note. The firm expects significant upside in the shares if Aerovate can demonstrate statistical significant pulmonary vascular resistance reductions at 24 weeks. Aerovate’s current valuation does not suggest the data needs to be better than sotatercept, cotends Jefferies.