Aerovate Therapeutics (NASDAQ:AVTE) Trading Down 4.6%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report)'s share price traded down 4.6% on Monday . The stock traded as low as $20.62 and last traded at $20.75. 30,468 shares were traded during mid-day trading, a decline of 77% from the average session volume of 130,874 shares. The stock had previously closed at $21.75.

Analyst Ratings Changes

AVTE has been the topic of several analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and set a $35.00 price target on shares of Aerovate Therapeutics in a research report on Monday, April 1st. Jefferies Financial Group started coverage on Aerovate Therapeutics in a research note on Monday, March 25th. They set a "buy" rating and a $65.00 target price for the company. Finally, Wedbush reaffirmed an "outperform" rating on shares of Aerovate Therapeutics in a research note on Thursday, April 4th.

Aerovate Therapeutics Stock Performance

The business's 50 day moving average price is $24.61 and its 200-day moving average price is $19.61. The firm has a market capitalization of $572.52 million, a PE ratio of -7.14 and a beta of 1.23.

Aerovate Therapeutics (NASDAQ:AVTE - Get Free Report) last posted its earnings results on Monday, March 25th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.06). As a group, analysts anticipate that Aerovate Therapeutics, Inc. will post -2.78 earnings per share for the current year.

Insider Activity

In related news, insider George A. Eldridge sold 2,016 shares of the business's stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $25.02, for a total value of $50,440.32. Following the sale, the insider now owns 1,960 shares in the company, valued at approximately $49,039.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider George A. Eldridge sold 2,016 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 1,960 shares of the company's stock, valued at $49,039.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David S. Grayzel sold 11,882 shares of the company's stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $28.15, for a total transaction of $334,478.30. Following the sale, the director now directly owns 14,502 shares in the company, valued at $408,231.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,523 shares of company stock valued at $2,187,172. 19.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Aerovate Therapeutics

Several hedge funds have recently modified their holdings of AVTE. Eventide Asset Management LLC acquired a new stake in Aerovate Therapeutics in the fourth quarter valued at approximately $276,000. Vestal Point Capital LP acquired a new stake in shares of Aerovate Therapeutics in the 4th quarter valued at $9,052,000. Alps Advisors Inc. lifted its position in shares of Aerovate Therapeutics by 11.3% during the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company's stock worth $277,000 after purchasing an additional 2,075 shares during the last quarter. Silverarc Capital Management LLC acquired a new position in shares of Aerovate Therapeutics during the third quarter worth $1,357,000. Finally, Swiss National Bank grew its stake 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 purchasing an additional 5,000 shares in the last quarter.

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.