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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was down 4.6% during mid-day trading on Monday . The company traded as low as $20.62 and last traded at $20.75. Approximately 30,468 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 130,874 shares. The stock had previously closed at $21.75.

Wall Street Analyst Weigh In

Several research analysts have commented on AVTE shares. Jefferies Financial Group started coverage on shares of Aerovate Therapeutics in a report on Monday, March 25th. They set a “buy” rating and a $65.00 price objective for the company. Wedbush reissued an “outperform” rating on shares of Aerovate Therapeutics in a research note on Thursday, April 4th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $35.00 price objective on shares of Aerovate Therapeutics in a research note on Monday, April 1st.

Aerovate Therapeutics Stock Performance

The stock has a market cap of $572.52 million, a P/E ratio of -7.55 and a beta of 1.23. The stock’s fifty day moving average is $24.62 and its 200 day moving average is $19.54.

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

Insider Activity at Aerovate Therapeutics

In related news, insider George A. Eldridge sold 2,016 shares of Aerovate Therapeutics stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $25.02, for a total value of $50,440.32. Following the completion of the sale, the insider now directly owns 1,960 shares in the company, valued at $49,039.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Aerovate Therapeutics news, insider Hunter Gillies sold 3,489 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $20.23, for a total transaction of $70,582.47. Following the transaction, the insider now owns 3,251 shares in the company, valued at approximately $65,767.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider George A. Eldridge sold 2,016 shares of Aerovate Therapeutics stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $25.02, for a total transaction of $50,440.32. Following the sale, the insider now owns 1,960 shares of the company’s stock, valued at $49,039.20. The disclosure for this sale can be found here. Insiders sold 83,523 shares of company stock worth $2,187,172 in the last 90 days. 19.30% of the stock is owned by corporate insiders.

Institutional Trading of Aerovate Therapeutics

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