Aerovate upgraded to Buy at BTIG after Gossamer study hits endpoint

After Gossamer Bio (GOSS) announced that its TORREY Phase 2 study of seralutinib in patients with pulmonary arterial hypertension, or PAH, achieved its primary endpoint, BTIG analyst Julian Harrison upgraded Aerovate Therapeutics (AVTE) to Buy from Neutral with a $27 price target, citing his view that Gossamer’s validation for DPI administered TKIs in PAH as "a safe and technically viable approach" is to "Aerovate’s benefit." He also contends that Gossamer’s DPI seralutinib "does not look like a competitive disease modifying" therapy and therefore likely does not put pressure on the AV-101 opportunity at this time. He increased his peak market penetration forecast to 45% from 40% following Gossamer’s update, Harrison noted.