Benjamin T. Dake Sells 11,068 Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Stock

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) insider Benjamin T. Dake sold 11,068 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $27.97, for a total value of $309,571.96. Following the completion of the sale, the insider now owns 1,291 shares in the company, valued at approximately $36,109.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Aerovate Therapeutics Stock Up 3.8 %

AVTE stock opened at $29.57 on Friday. The firm has a market cap of $823.82 million, a price-to-earnings ratio of -10.27 and a beta of 1.18. Aerovate Therapeutics, Inc. has a twelve month low of $9.41 and a twelve month high of $29.99. The business’s fifty day simple moving average is $22.37 and its two-hundred day simple moving average is $17.85.

Hedge Funds Weigh In On Aerovate Therapeutics

Several institutional investors have recently made changes to their positions in AVTE. Driehaus Capital Management LLC purchased a new position in shares of Aerovate Therapeutics during the second quarter valued at $20,479,000. TCG Crossover Management LLC grew its stake in Aerovate Therapeutics by 103.6% in the second quarter. TCG Crossover Management LLC now owns 2,201,274 shares of the company’s stock valued at $37,752,000 after purchasing an additional 1,120,000 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Aerovate Therapeutics in the fourth quarter valued at about $9,991,000. Vestal Point Capital LP purchased a new position in Aerovate Therapeutics in the fourth quarter valued at about $9,052,000. Finally, Citadel Advisors LLC purchased a new position in Aerovate Therapeutics in the second quarter valued at about $5,007,000.

Analyst Ratings Changes

AVTE has been the topic of a number of recent analyst reports. Wells Fargo & Company initiated coverage on Aerovate Therapeutics in a research note on Friday, December 8th. They issued an “equal weight” rating and a $35.00 target price on the stock. Jefferies Financial Group initiated coverage on Aerovate Therapeutics in a research note on Monday, March 25th. They issued a “buy” rating and a $65.00 target price on the stock.

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.