Insider Selling: Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Insider Sells 6,853 Shares of Stock

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

Aerovate Therapeutics Price Performance

Shares of NASDAQ AVTE opened at $22.05 on Friday. Aerovate Therapeutics, Inc. has a 1 year low of $9.41 and a 1 year high of $32.42. The firm has a 50-day simple moving average of $24.44 and a two-hundred day simple moving average of $19.19. The company has a market cap of $614.31 million, a P/E ratio of -7.66 and a beta of 1.23.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings results 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). As a group, equities research analysts expect that Aerovate Therapeutics, Inc. will post -2.78 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Aerovate Therapeutics

Large investors have recently made changes to their positions in the stock. Rhumbline Advisers increased its stake in Aerovate Therapeutics by 4.0% in the 1st quarter. Rhumbline Advisers now owns 14,798 shares of the company’s stock worth $298,000 after buying an additional 566 shares during the period. Barclays PLC grew its stake in Aerovate Therapeutics by 22.0% in the 1st quarter. Barclays PLC now owns 4,720 shares of the company’s stock worth $94,000 after acquiring an additional 850 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Aerovate Therapeutics by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,641 shares of the company’s stock worth $722,000 after acquiring an additional 885 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Aerovate Therapeutics by 13.9% during the second quarter. JPMorgan Chase & Co. now owns 8,070 shares of the company’s stock worth $138,000 after acquiring an additional 986 shares during the period. Finally, UBS Group AG raised its stake in shares of Aerovate Therapeutics by 9.2% during the fourth quarter. UBS Group AG now owns 12,241 shares of the company’s stock valued at $277,000 after acquiring an additional 1,027 shares in the last quarter.

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.