Aerovate Therapeutics (NASDAQ:AVTE) Shares Gap Down to $30.75

Aerovate Therapeutics, Inc. (NASDAQ:AVTEGet Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $30.75, but opened at $29.16. Aerovate Therapeutics shares last traded at $29.36, with a volume of 16,253 shares changing hands.

Analysts Set New Price Targets

AVTE has been the topic of several research reports. Jefferies Financial Group began coverage on Aerovate Therapeutics in a research note on Monday, March 25th. They set a “buy” rating and a $65.00 price target on the stock. Wells Fargo & Company restated an “overweight” rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a report on Monday.

Get Our Latest Stock Analysis on AVTE

Aerovate Therapeutics Stock Down 1.6 %

The firm has a market capitalization of $811.37 million, a P/E ratio of -10.11 and a beta of 1.23. The stock has a fifty day moving average of $22.98 and a 200-day moving average of $18.19.

Insider Activity at Aerovate Therapeutics

In related news, insider Ralph Niven sold 4,600 shares of the stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $19.16, for a total transaction of $88,136.00. Following the completion of the transaction, the insider now directly owns 1,609 shares of the company’s stock, valued at $30,828.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Ralph Niven sold 4,600 shares of the firm’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $19.16, for a total value of $88,136.00. Following the completion of the sale, the insider now directly owns 1,609 shares of the company’s stock, valued at $30,828.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Hunter Gillies sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $19.50, for a total value of $78,000.00. Following the completion of the sale, the insider now directly owns 3,251 shares of the company’s stock, valued at $63,394.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,888 shares of company stock valued at $1,417,153. Insiders own 19.30% of the company’s stock.

Institutional Trading of Aerovate Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Alps Advisors Inc. increased its stake in shares of Aerovate Therapeutics by 11.3% during the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after purchasing an additional 2,075 shares during the period. Swiss National Bank increased its stake in shares of Aerovate Therapeutics by 30.9% during the third quarter. Swiss National Bank now owns 21,201 shares of the company’s stock worth $288,000 after purchasing an additional 5,000 shares during the period. Silverarc Capital Management LLC bought a new position in shares of Aerovate Therapeutics during the third quarter worth approximately $1,357,000. HighVista Strategies LLC increased its stake in shares of Aerovate Therapeutics by 164.0% during the second quarter. HighVista Strategies LLC now owns 41,803 shares of the company’s stock worth $717,000 after purchasing an additional 25,970 shares during the period. Finally, TCG Crossover Management LLC increased its stake in shares of Aerovate Therapeutics by 103.6% during the second quarter. TCG Crossover Management LLC now owns 2,201,274 shares of the company’s stock worth $37,752,000 after purchasing an additional 1,120,000 shares during the period.

Aerovate Therapeutics Company Profile

(Get Free Report)

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of drugs that enhance the lives of patients with rare cardiopulmonary diseases in the United States. It focuses on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension, which is in Phase 2b/Phase 3 trial.

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