Aerovate Therapeutics Inc (NASDAQ:AVTE), a clinical-stage biopharmaceutical company focused on developing drugs that improve the lives of patients with rare cardiopulmonary disease, stock plunges 14.55% (As on June 19, 7:59:28 PM UTC-4, Source: Google Finance) after Wells Fargo downgraded the company 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. Moreover, the company experienced a significant shift in its stock rating as Jefferies downgraded the biopharmaceutical company from Buy to Hold. The firm also drastically reduced the price target for Aerovate's shares to $2.00 from the previous $65.00 following the announcement of the Phase IIB trial results for Pulmonary Arterial Hypertension (PAH).