Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Up 3.6%

Aerovate Therapeutics, Inc. (NASDAQ:AVTEGet Free Report) shares were up 3.6% during trading on Thursday . The company traded as high as $24.05 and last traded at $23.86. Approximately 59,742 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 159,164 shares. The stock had previously closed at $23.02.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wedbush restated an “outperform” rating and issued a $41.00 price target on shares of Aerovate Therapeutics in a research report on Thursday, June 6th. Wells Fargo & Company restated an “overweight” rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a research report on Monday, April 1st. Finally, Jefferies Financial Group assumed coverage on Aerovate Therapeutics in a research report on Monday, March 25th. They issued a “buy” rating and a $65.00 price target on the stock.

Get Our Latest Research Report on AVTE

Aerovate Therapeutics Stock Performance

The company has a 50-day moving average price of $21.07 and a 200-day moving average price of $21.31. The firm has a market capitalization of $709.55 million, a P/E ratio of -8.10 and a beta of 1.30.

Aerovate Therapeutics (NASDAQ:AVTEGet Free Report) last posted its earnings results on Monday, May 13th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.09). Equities analysts predict that Aerovate Therapeutics, Inc. will post -2.94 EPS for the current year.

Insiders Place Their Bets

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,325 shares of Aerovate Therapeutics stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $31.97, for a total value of $106,300.25. Following the sale, the insider now owns 1,291 shares of the company’s stock, valued at approximately $41,273.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,325 shares of Aerovate Therapeutics stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $31.97, for a total value of $106,300.25. Following the sale, the insider now owns 1,291 shares of the company’s stock, valued at approximately $41,273.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy P. Noyes sold 10,000 shares of Aerovate Therapeutics stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $30.00, for a total value of $300,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,698 shares of company stock worth $2,834,593. Corporate insiders own 24.90% of the company’s stock.

Institutional Trading of Aerovate Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Eventide Asset Management LLC acquired a new stake in shares of Aerovate Therapeutics in the fourth quarter valued at about $276,000. Alps Advisors Inc. increased its position in shares of 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 acquiring an additional 2,075 shares during the last quarter. Swiss National Bank increased its position in shares of Aerovate Therapeutics by 30.9% in the third quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after acquiring an additional 5,000 shares during the last quarter. Silverarc Capital Management LLC bought a new position in Aerovate Therapeutics during the third quarter worth about $1,357,000. Finally, Ikarian Capital LLC bought a new position in Aerovate Therapeutics during the first quarter worth about $10,881,000.

About Aerovate Therapeutics

(Get Free Report)

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.

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