Aerovate Therapeutics (NASDAQ:AVTE) Shares Down 5.4% on Insider Selling

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) shares dropped 5.4% on Friday following insider selling activity. The stock traded as low as $25.41 and last traded at $25.44. Approximately 26,002 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 126,858 shares. The stock had previously closed at $26.89.

Specifically, insider Hunter Gillies sold 4,000 shares of the firm's stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $19.50, for a total transaction of $78,000.00. Following the completion of the transaction, the insider now directly owns 3,251 shares in the company, valued at $63,394.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Hunter Gillies sold 4,000 shares of the firm's stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $19.50, for a total transaction of $78,000.00. Following the completion of the transaction, the insider now directly owns 3,251 shares in the company, valued at $63,394.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider George A. Eldridge sold 2,016 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $25.02, for a total value of $50,440.32. Following the sale, the insider now directly owns 1,960 shares in the company, valued at $49,039.20. The disclosure for this sale can be found here. Insiders sold 70,670 shares of company stock worth $1,864,870 over the last three months. 19.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on AVTE shares. Wedbush reaffirmed an "outperform" rating on shares of Aerovate Therapeutics in a research report on Thursday, April 4th. Jefferies Financial Group started coverage on Aerovate Therapeutics in a research report on Monday, March 25th. They set a "buy" rating and a $65.00 price objective on the stock. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $35.00 price objective on shares of Aerovate Therapeutics in a research report on Monday, April 1st.

Aerovate Therapeutics Price Performance

The firm has a market capitalization of $703.19 million, a PE ratio of -8.76 and a beta of 1.23. The firm has a 50-day simple moving average of $24.15 and a 200-day simple moving average of $18.81.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AVTE. UBS Group AG purchased a new position in Aerovate Therapeutics in the third quarter worth about $26,000. Tower Research Capital LLC TRC boosted its position in Aerovate Therapeutics by 136.2% in the first quarter. Tower Research Capital LLC TRC now owns 2,702 shares of the company's stock worth $55,000 after purchasing an additional 1,558 shares during the last quarter. Citigroup Inc. raised its stake in shares of Aerovate Therapeutics by 1,351.5% in the second quarter. Citigroup Inc. now owns 3,324 shares of the company's stock worth $57,000 after buying an additional 3,095 shares during the period. BNP Paribas Arbitrage SNC bought a new position in shares of Aerovate Therapeutics in the third quarter worth about $66,000. Finally, Wells Fargo & Company MN raised its stake in shares of Aerovate Therapeutics by 156.7% in the second quarter. Wells Fargo & Company MN now owns 4,200 shares of the company's stock worth $72,000 after buying an additional 2,564 shares during the period.

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.