Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 4.6%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE)’s stock price traded down 4.6% during mid-day trading on Monday . The stock traded as low as $20.62 and last traded at $20.75. 30,468 shares changed hands 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 Upgrades and Downgrades

Several equities analysts recently issued reports on AVTE shares. Wedbush reissued an “outperform” rating on shares of Aerovate Therapeutics in a report on Thursday, April 4th. Jefferies Financial Group began coverage on shares of Aerovate Therapeutics in a research report on Monday, March 25th. They set a “buy” rating and a $65.00 price objective for the company. Finally, 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.

Aerovate Therapeutics Trading Down 5.5 %

The stock has a 50 day simple moving average of $24.62 and a 200 day simple moving average of $19.54. The stock has a market cap of $572.52 million, a P/E ratio of -7.55 and a beta of 1.23.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings data on Monday, March 25th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.06). Equities analysts anticipate that Aerovate Therapeutics, Inc. will post -2.78 earnings per share for the current year.

Insider Activity at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,325 shares of Aerovate Therapeutics stock in a transaction on Monday, April 1st. The shares were sold at an average price of $31.97, for a total value of $106,300.25. Following the completion of the sale, the insider now directly owns 1,291 shares of the company’s stock, valued at $41,273.27. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 completion of the sale, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $41,273.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ralph Niven sold 4,600 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $17.45, for a total transaction of $80,270.00. Following the completion of the transaction, the insider now directly owns 1,609 shares in the company, valued at $28,077.05. The disclosure for this sale can be found here. Insiders have sold a total of 83,523 shares of company stock worth $2,187,172 over the last quarter. Company insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Aerovate Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Eventide Asset Management LLC bought a new stake in shares of Aerovate Therapeutics in the 4th quarter worth approximately $276,000. Alps Advisors Inc. raised its stake in shares of Aerovate Therapeutics by 11.3% during the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after acquiring an additional 2,075 shares during the last quarter. Swiss National Bank grew its stake in shares of Aerovate Therapeutics by 30.9% in 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 during the last quarter. Silverarc Capital Management LLC purchased a new stake in Aerovate Therapeutics in the 3rd quarter worth approximately $1,357,000. Finally, Vestal Point Capital LP purchased a new position in shares of Aerovate Therapeutics during the fourth quarter valued at approximately $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.