Aerovate Therapeutics (NASDAQ:AVTE) Sees Strong Trading Volume

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) shares saw strong trading volume on Wednesday . 197,194 shares were traded during trading, an increase of 52% from the previous session’s volume of 129,738 shares.The stock last traded at $22.91 and had previously closed at $23.22.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group assumed 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. Wells Fargo & Company restated an “overweight” rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a report on Monday, April 1st. Finally, Wedbush restated an “outperform” rating on shares of Aerovate Therapeutics in a report on Thursday, April 4th.

Aerovate Therapeutics Trading Up 0.8 %

The stock’s 50-day simple moving average is $24.62 and its 200-day simple moving average is $19.44. The firm has a market capitalization of $605.96 million, a P/E ratio of -7.55 and a beta of 1.23.

Aerovate Therapeutics (NASDAQ:AVTE) last released its earnings results on Monday, March 25th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.06). On average, equities research analysts expect that Aerovate Therapeutics, Inc. will post -2.78 EPS for the current year.

Insider Activity 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 shares were sold at an average price of $28.01, for a total transaction of $96,130.32. Following the sale, the insider now directly owns 1,291 shares in the company, valued at approximately $36,160.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of the stock in a transaction that occurred 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 directly owns 1,291 shares in the company, valued at approximately $36,160.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin T. Dake sold 6,853 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $22.37, for a total transaction of $153,301.61. Following the completion of the sale, the insider now owns 1,291 shares in the company, valued at $28,879.67. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 83,523 shares of company stock worth $2,187,172. 19.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of institutional investors have recently made changes to their positions in AVTE. Vestal Point Capital LP bought a new position in shares of Aerovate Therapeutics in the 4th quarter worth $9,052,000. Silverarc Capital Management LLC bought a new position in shares of Aerovate Therapeutics during the 3rd quarter valued at $1,357,000. Eventide Asset Management LLC bought a new position in shares of Aerovate Therapeutics during the 4th quarter valued at $276,000. Swiss National Bank grew its holdings in shares of Aerovate Therapeutics by 30.9% during the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Alps Advisors Inc. boosted its position in Aerovate Therapeutics by 11.3% during the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after buying an additional 2,075 shares during the period.

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.