Benjamin T. Dake Sells 6,853 Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Stock

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) insider Benjamin T. Dake sold 6,853 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $22.37, for a total value of $153,301.61. Following the completion of the transaction, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $28,879.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Aerovate Therapeutics Trading Up 2.1 %

Shares of Aerovate Therapeutics stock opened at $22.05 on Friday. The stock has a 50 day moving average of $24.44 and a 200 day moving average of $19.14. Aerovate Therapeutics, Inc. has a 12 month low of $9.41 and a 12 month high of $32.42. The firm has a market cap of $614.31 million, a PE ratio of -7.66 and a beta of 1.23.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new stake in Aerovate Therapeutics during the fourth quarter valued at approximately $9,991,000. Vestal Point Capital LP purchased a new stake in Aerovate Therapeutics during the fourth quarter valued at approximately $9,052,000. Citadel Advisors LLC purchased a new stake in Aerovate Therapeutics during the second quarter valued at approximately $5,007,000. Soleus Capital Management L.P. purchased a new stake in Aerovate Therapeutics during the fourth quarter valued at approximately $6,362,000. Finally, FMR LLC raised its position in Aerovate Therapeutics by 24.9% during the first quarter. FMR LLC now owns 570,965 shares of the company’s stock valued at $11,516,000 after purchasing an additional 113,778 shares during the period.

Wall Street Analysts Forecast Growth

AVTE has been the subject of a number of recent 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 objective on shares of Aerovate Therapeutics in a research note on Monday, April 1st. Finally, Jefferies Financial Group initiated coverage on Aerovate Therapeutics in a research note on Monday, March 25th. They set a “buy” rating and a $65.00 price target for the company.

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.