Aerovate Therapeutics price target raised to $54 from $27 at Wedbush

Wedbush analyst Andreas Argyrides raised the firm’s price target on Aerovate Therapeutics to $54 from $27 and keeps an Outperform rating on the shares. Following Gossamer’s Phase 2 TORREY results on Dec. 6, the analyst consulted with PAH experts who see seralutinib as validating inhaled TKIs despite falling short of expectations. While refining enrollment criteria to include more at-risk PAH patients increases the chances of success in the pivotal trial, Argyrides also came away from the topline results with more conviction in AV-101.