Aerovate Therapeutics (AVTE) Soars 721.88% on Merger, Dividend News

Aerovate Therapeutics (AVTE) has seen a remarkable surge of 721.88% in pre-market trading on April 25, 2025, driven by a series of strategic announcements and corporate developments.

Aerovate Therapeutics has declared a special dividend of $69.6 million, equivalent to $2.40 per share, contingent on the successful merger with Jade Biosciences. This dividend is set to be distributed to shareholders on record as of April 25, 2025, with the merger expected to close on April 28, 2025.

The company has also announced a significant merger with Jade Biosciences, which includes a reverse stock split at a 1-for-35 ratio. This strategic move is aimed at streamlining the company's stock structure and enhancing shareholder value.

Analysts have maintained a cautious outlook on Aerovate Therapeutics, with a "Hold" recommendation and a near-term price target. The average one-year price target from industry analysts is $2.33, suggesting a potential downside of 14.84% from the current market price.