Aerovate Therapeutics (NASDAQ:AVTE) Receives New Coverage from Analysts at Guggenheim

Guggenheim assumed coverage on shares of Aerovate Therapeutics (NASDAQ:AVTE – Get Rating) in a report issued on Tuesday morning, The Fly reports. The brokerage issued a buy rating and a $36.00 target price on the stock.

Several other equities research analysts have also recently issued reports on the company. Wedbush raised their target price on Aerovate Therapeutics from $27.00 to $54.00 in a research note on Monday, December 12th. BTIG Research raised Aerovate Therapeutics from a neutral rating to a buy rating and set a $27.00 target price for the company in a research note on Tuesday, December 6th.

Aerovate Therapeutics Stock Up 0.4 %

AVTE stock opened at $24.57 on Tuesday. The business has a fifty day moving average of $25.45 and a two-hundred day moving average of $21.49. The stock has a market cap of $599.75 million, a price-to-earnings ratio of -15.65 and a beta of 0.49. Aerovate Therapeutics has a 52-week low of $9.13 and a 52-week high of $30.79.

Insider Transactions at Aerovate Therapeutics

In other news, insider Benjamin T. Dake sold 10,284 shares of the firm’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $24.59, for a total transaction of $252,883.56. Following the completion of the transaction, the insider now directly owns 1,609 shares in the company, valued at $39,565.31. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Benjamin T. Dake sold 10,284 shares of Aerovate Therapeutics stock in a transaction on Monday, February 6th. The stock was sold at an average price of $24.59, for a total value of $252,883.56. Following the completion of the transaction, the insider now directly owns 1,609 shares in the company, valued at $39,565.31. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Timothy P. Noyes sold 15,000 shares of Aerovate Therapeutics stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $18.00, for a total value of $270,000.00. The disclosure for this sale can be found here. Insiders sold a total of 89,829 shares of company stock worth $2,162,519 over the last ninety days. Company insiders own 17.80% of the company’s stock.

Institutional Trading of Aerovate Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its stake in Aerovate Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,641 shares of the company’s stock valued at $722,000 after buying an additional 885 shares in the last quarter. American International Group Inc. raised its stake in Aerovate Therapeutics by 21.3% in the first quarter. American International Group Inc. now owns 6,494 shares of the company’s stock valued at $119,000 after buying an additional 1,140 shares in the last quarter. UBS Group AG acquired a new stake in Aerovate Therapeutics in the third quarter valued at $26,000. Russell Investments Group Ltd. acquired a new stake in Aerovate Therapeutics in the second quarter valued at $32,000. Finally, Legal & General Group Plc raised its stake in Aerovate Therapeutics by 318.0% in the fourth 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 in the last quarter.

About Aerovate Therapeutics

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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. The company 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.