Aerovate Therapeutics (NASDAQ:AVTE) Trading 7.3% Higher

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report)'s stock price traded up 7.3% on Tuesday . The company traded as high as $28.45 and last traded at $28.40. 16,908 shares were traded during trading, a decline of 86% from the average session volume of 124,949 shares. The stock had previously closed at $26.48.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group began coverage on shares of Aerovate Therapeutics in a research note on Monday, March 25th. They set a "buy" rating and a $65.00 price target on the stock. Wedbush reissued an "outperform" rating on shares of Aerovate Therapeutics in a research note on Thursday, April 4th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $35.00 price objective on shares of Aerovate Therapeutics in a research note on Monday, April 1st.

Aerovate Therapeutics Trading Up 5.9 %

The stock has a market capitalization of $781.47 million, a price-to-earnings ratio of -9.74 and a beta of 1.23. The stock's 50 day moving average is $23.69 and its 200 day moving average is $18.61.

Insider Buying and Selling at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,325 shares of the company's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $31.97, for a total value of $106,300.25. Following the transaction, the insider now directly owns 1,291 shares in the company, valued at approximately $41,273.27. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Timothy P. Noyes sold 10,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin T. Dake sold 3,325 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $31.97, for a total transaction of $106,300.25. Following the transaction, the insider now owns 1,291 shares in the company, valued at $41,273.27. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,288 shares of company stock worth $1,329,017. Corporate insiders own 19.30% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Rhumbline Advisers raised its holdings in Aerovate Therapeutics by 4.0% in the first quarter. Rhumbline Advisers now owns 14,798 shares of the company's stock valued at $298,000 after buying an additional 566 shares during the period. Barclays PLC grew its position in Aerovate Therapeutics by 22.0% in the first quarter. Barclays PLC now owns 4,720 shares of the company's stock valued at $94,000 after acquiring an additional 850 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Aerovate Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,641 shares of the company's stock valued at $722,000 after acquiring an additional 885 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Aerovate Therapeutics by 13.9% during the second quarter. JPMorgan Chase & Co. now owns 8,070 shares of the company's stock worth $138,000 after buying an additional 986 shares in the last quarter. Finally, UBS Group AG grew its position in shares of Aerovate Therapeutics by 9.2% during the fourth quarter. UBS Group AG now owns 12,241 shares of the company's stock worth $277,000 after buying an additional 1,027 shares in the last quarter.

About Aerovate Therapeutics

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.