Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 8.8%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was down 8.8% during mid-day trading on Tuesday . The stock traded as low as $24.27 and last traded at $24.58. Approximately 36,947 shares changed hands during trading, a decline of 63% from the average daily volume of 100,754 shares. The stock had previously closed at $26.95.

Analysts Set New Price Targets

Several analysts recently issued reports on AVTE shares. Jefferies Financial Group started coverage on shares of Aerovate Therapeutics in a research report on Monday. They set a “buy” rating and a $65.00 target price for the company. Wells Fargo & Company began coverage on shares of Aerovate Therapeutics in a report on Friday, December 8th. They set an “equal weight” rating and a $35.00 price target on the stock.

Aerovate Therapeutics Stock Up 3.8 %

The firm’s fifty day moving average price is $21.99 and its 200 day moving average price is $17.62. The stock has a market cap of $823.82 million, a PE ratio of -10.27 and a beta of 1.18.

Insider Transactions at Aerovate Therapeutics

In related news, insider Benjamin T. Dake sold 3,432 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $28.01, for a total value of $96,130.32. Following the sale, the insider now owns 1,291 shares in the company, valued at $36,160.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of the business’s stock in a transaction 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 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ralph Niven sold 4,600 shares of the business’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $19.16, for a total transaction of $88,136.00. Following the transaction, the insider now owns 1,609 shares in the company, valued at approximately $30,828.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,563 shares of company stock valued at $1,010,853. 19.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Aerovate Therapeutics by 4.6% in the fourth 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. Eventide Asset Management LLC purchased a new stake in Aerovate Therapeutics in the fourth quarter worth about $276,000. Barclays PLC lifted its stake in Aerovate Therapeutics by 300.3% in the fourth quarter. Barclays PLC now owns 15,394 shares of the company’s stock worth $348,000 after acquiring an additional 11,548 shares during the period. Nuveen Asset Management LLC lifted its stake in Aerovate Therapeutics by 10.3% in the fourth quarter. Nuveen Asset Management LLC now owns 40,047 shares of the company’s stock worth $906,000 after acquiring an additional 3,737 shares during the period. Finally, Royal Bank of Canada lifted its stake in Aerovate Therapeutics by 148.2% in the fourth quarter. Royal Bank of Canada now owns 3,475 shares of the company’s stock worth $79,000 after acquiring an additional 2,075 shares during the period.

Aerovate Therapeutics Company Profile

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of 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.