Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Insider Sells $201,375.00 in Stock

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) insider George A. Eldridge sold 7,500 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $26.85, for a total transaction of $201,375.00. Following the completion of the sale, the insider now owns 1,960 shares in the company, valued at approximately $52,626. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Aerovate Therapeutics Trading Down 6.1 %

Shares of Aerovate Therapeutics stock traded down $1.65 during trading on Friday, reaching $25.24. The company’s stock had a trading volume of 133,112 shares, compared to its average volume of 128,378. The stock has a 50-day moving average price of $24.01 and a two-hundred day moving average price of $18.73. Aerovate Therapeutics, Inc. has a one year low of $9.41 and a one year high of $32.42. The stock has a market capitalization of $703.19 million, a P/E ratio of -8.83 and a beta of 1.23.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AVTE. 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. Wedbush reaffirmed an “outperform” rating on shares of Aerovate Therapeutics in a report on Thursday, April 4th. Finally, Jefferies Financial Group assumed coverage on Aerovate Therapeutics in a report on Monday, March 25th. They issued a “buy” rating and a $65.00 price target for the company.

Institutional Trading of Aerovate Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in Aerovate Therapeutics by 2.3% during the 1st quarter. BlackRock Inc. now owns 746,934 shares of the company’s stock worth $13,691,000 after purchasing an additional 17,126 shares during the last quarter. Vanguard Group Inc. raised its holdings in Aerovate Therapeutics by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 626,831 shares of the company’s stock worth $14,185,000 after purchasing an additional 27,729 shares during the last quarter. FMR LLC raised its holdings in Aerovate Therapeutics by 24.9% during the 1st quarter. FMR LLC now owns 570,965 shares of the company’s stock worth $11,516,000 after purchasing an additional 113,778 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Aerovate Therapeutics during the 4th quarter worth about $9,991,000. Finally, Vestal Point Capital LP bought a new stake in Aerovate Therapeutics during the 4th quarter worth about $9,052,000.

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.