Aerovate Therapeutics (NASDAQ:AVTE) Shares Down 3.8%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) shares were down 3.8% on Thursday . The company traded as low as $21.46 and last traded at $21.64. Approximately 53,937 shares changed hands during trading, a decline of 58% from the average daily volume of 127,463 shares. The stock had previously closed at $22.50.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wedbush restated an "outperform" rating on shares of Aerovate Therapeutics in a report on Thursday, April 4th. Wells Fargo & Company restated an "overweight" rating and issued a $35.00 target price on shares of Aerovate Therapeutics in a research note on Monday, April 1st. Finally, Jefferies Financial Group assumed coverage on Aerovate Therapeutics in a research report on Monday, March 25th. They set a "buy" rating and a $65.00 price target for the company.

Aerovate Therapeutics Trading Down 4.0 %

The stock's fifty day moving average is $24.43 and its two-hundred day moving average is $19.08. The company has a market capitalization of $601.78 million, a PE ratio of -7.50 and a beta of 1.23.

Insider Transactions at Aerovate Therapeutics

In related news, insider Benjamin T. Dake sold 3,432 shares of the company's stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $28.01, for a total value of $96,130.32. Following the transaction, the insider now owns 1,291 shares in the company, valued at $36,160.91. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 11,068 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $27.97, for a total transaction of $309,571.96. Following the completion of the transaction, the insider now owns 1,291 shares in the company, valued at $36,109.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin T. Dake sold 3,432 shares of Aerovate Therapeutics stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $28.01, for a total transaction of $96,130.32. Following the completion of the transaction, the insider now owns 1,291 shares of the company's stock, valued at $36,160.91. The disclosure for this sale can be found here. Insiders sold a total of 76,670 shares of company stock worth $2,033,870 in the last quarter. Insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Aerovate Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in shares of Aerovate Therapeutics by 49.8% during the first quarter. JPMorgan Chase & Co. now owns 9,007 shares of the company's stock worth $165,000 after purchasing an additional 2,995 shares during the period. Bank of New York Mellon Corp lifted its holdings in Aerovate Therapeutics by 28.0% in the 1st quarter. Bank of New York Mellon Corp now owns 30,487 shares of the company's stock worth $559,000 after buying an additional 6,674 shares during the period. BlackRock Inc. grew its position in shares of Aerovate Therapeutics by 2.3% in the 1st quarter. BlackRock Inc. now owns 746,934 shares of the company's stock worth $13,691,000 after buying an additional 17,126 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Aerovate Therapeutics by 2.5% during the first quarter. Vanguard Group Inc. now owns 480,110 shares of the company's stock valued at $8,801,000 after buying an additional 11,795 shares during the period. Finally, American International Group Inc. increased its stake in shares of Aerovate Therapeutics by 21.3% during the first quarter. American International Group Inc. now owns 6,494 shares of the company's stock valued at $119,000 after buying an additional 1,140 shares during the period.

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.