Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 3.8% After Insider Selling

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) dropped 3.8% on Thursday following insider selling activity. The stock traded as low as $21.46 and last traded at $21.64. Approximately 53,937 shares traded hands during trading, a decline of 58% from the average daily volume of 127,463 shares. The stock had previously closed at $22.50.

Specifically, insider Ralph Niven sold 4,600 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $17.45, for a total value of $80,270.00. Following the transaction, the insider now owns 1,609 shares of the company’s stock, valued at approximately $28,077.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Ralph Niven sold 4,600 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $17.45, for a total value of $80,270.00. Following the transaction, the insider now owns 1,609 shares of the company’s stock, valued at approximately $28,077.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Benjamin T. Dake sold 6,853 shares of Aerovate Therapeutics stock in a transaction 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 sale, the insider now directly owns 1,291 shares in the company, valued at approximately $28,879.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,523 shares of company stock valued at $2,187,172. Company insiders own 19.30% of the company’s stock.

Analysts Set New Price Targets

AVTE has been the topic of several analyst reports. Wedbush reaffirmed an “outperform” rating on shares of Aerovate Therapeutics in a research note on Thursday, April 4th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a research note on Monday, April 1st. Finally, Jefferies Financial Group began coverage on shares of Aerovate Therapeutics in a research note on Monday, March 25th. They issued a “buy” rating and a $65.00 price target for the company.

Aerovate Therapeutics Stock Up 2.1 %

The firm has a market capitalization of $614.31 million, a price-to-earnings ratio of -7.66 and a beta of 1.23. The firm’s 50 day moving average is $24.44 and its 200 day moving average is $19.14.

Institutional Investors Weigh In On Aerovate Therapeutics

Hedge funds have recently made changes to their positions in the company. UBS Group AG purchased a new stake in shares of Aerovate Therapeutics in the 3rd quarter valued at approximately $26,000. Tower Research Capital LLC TRC lifted its position in shares of Aerovate Therapeutics by 136.2% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,702 shares of the company’s stock valued at $55,000 after acquiring an additional 1,558 shares in the last quarter. Legal & General Group Plc increased its stake in Aerovate Therapeutics by 318.0% in the 4th quarter. Legal & General Group Plc now owns 3,235 shares of the company’s stock valued at $95,000 after buying an additional 2,461 shares during the period. Citigroup Inc. increased its stake in Aerovate Therapeutics by 1,351.5% in the 2nd quarter. Citigroup Inc. now owns 3,324 shares of the company’s stock valued at $57,000 after buying an additional 3,095 shares during the period. Finally, Royal Bank of Canada increased its stake in Aerovate Therapeutics by 148.2% in the 4th quarter. Royal Bank of Canada now owns 3,475 shares of the company’s stock valued at $79,000 after buying an additional 2,075 shares during the period.

About Aerovate Therapeutics

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.