Insider Selling: Aerovate Therapeutics, Inc. (NASDAQ:AVTE) CEO Sells $231,001.38 in Stock

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) CEO Timothy P. Noyes sold 11,357 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $20.34, for a total transaction of $231,001.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Timothy P. Noyes also recently made the following trade(s):

• On Tuesday, April 16th, Timothy P. Noyes sold 10,000 shares of Aerovate Therapeutics stock. The shares were sold at an average price of $24.70, for a total transaction of $247,000.00.
• On Monday, April 1st, Timothy P. Noyes sold 10,000 shares of Aerovate Therapeutics stock. The stock was sold at an average price of $30.00, for a total value of $300,000.00.

Aerovate Therapeutics Trading Down 2.2 %

NASDAQ:AVTE opened at $20.29 on Monday. Aerovate Therapeutics, Inc. has a 1-year low of $9.41 and a 1-year high of $32.42. The firm has a fifty day simple moving average of $24.72 and a 200 day simple moving average of $19.88. The stock has a market capitalization of $583.13 million, a PE ratio of -7.05 and a beta of 1.40.

Aerovate Therapeutics (NASDAQ:AVTE) last released its quarterly earnings data on Monday, March 25th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.06). On average, equities analysts predict that Aerovate Therapeutics, Inc. will post -2.78 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AVTE has been the topic of a number of recent analyst reports. Jefferies Financial Group began coverage on Aerovate Therapeutics in a report on Monday, March 25th. They set a “buy” rating and a $65.00 target price on the stock. Wedbush reissued an “outperform” rating on shares of Aerovate Therapeutics in a research report on Thursday, April 4th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a report on Monday, April 1st.

Institutional Investors Weigh In On Aerovate Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of AVTE. Swiss National Bank lifted its holdings 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 buying an additional 5,000 shares in the last quarter. Silverarc Capital Management LLC acquired a new position in Aerovate Therapeutics in the third quarter valued at about $1,357,000. Alps Advisors Inc. raised its stake in Aerovate Therapeutics by 11.3% in the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after purchasing an additional 2,075 shares in the last quarter. Vestal Point Capital LP acquired a new position in Aerovate Therapeutics in the fourth quarter valued at about $9,052,000. Finally, Eventide Asset Management LLC acquired a new position in Aerovate Therapeutics in the fourth quarter valued at about $276,000.

Aerovate Therapeutics Company Profile

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops 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.