Aerovate Therapeutics (NASDAQ:AVTE) Trading Down 6.1%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE)’s share price fell 6.1% during mid-day trading on Friday . The stock traded as low as $20.25 and last traded at $20.25. 20,479 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 129,145 shares. The stock had previously closed at $21.56.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AVTE. Wells Fargo & Company reiterated an “overweight” rating and issued a $35.00 price objective on shares of Aerovate Therapeutics in a report on Monday, April 1st. Wedbush reaffirmed an “outperform” rating on shares of Aerovate Therapeutics in a research note on Thursday, April 4th. 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 objective on the stock.

Aerovate Therapeutics Stock Down 8.0 %

The stock has a 50 day moving average of $24.50 and a 200 day moving average of $20.15. The company has a market capitalization of $553.26 million, a price-to-earnings ratio of -6.89 and a beta of 1.40.

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, sell-side analysts anticipate that Aerovate Therapeutics, Inc. will post -2.78 EPS for the current fiscal year.

Insider Buying and Selling at Aerovate Therapeutics

In other news, insider Benjamin T. Dake sold 3,432 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $28.01, for a total value of $96,130.32. Following the transaction, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $36,160.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of Aerovate Therapeutics stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $28.01, for a total value of $96,130.32. Following the completion of the sale, the insider now directly owns 1,291 shares in the company, valued at $36,160.91. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benjamin T. Dake sold 3,325 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $31.97, for a total value of $106,300.25. Following the transaction, the insider now owns 1,291 shares in the company, valued at $41,273.27. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 92,261 shares of company stock valued at $2,379,544. 19.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Aerovate Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of AVTE. Alps Advisors Inc. grew its stake in shares of Aerovate Therapeutics by 11.3% in the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after buying an additional 2,075 shares during the period. Swiss National Bank boosted its holdings in Aerovate Therapeutics by 30.9% in the third quarter. Swiss National Bank now owns 21,201 shares of the company’s stock worth $288,000 after acquiring an additional 5,000 shares in the last quarter. Eventide Asset Management LLC acquired a new stake in Aerovate Therapeutics in the fourth quarter valued at approximately $276,000. Vanguard Group Inc. increased its holdings in shares of Aerovate Therapeutics by 7.2% during the first quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after acquiring an additional 45,444 shares in the last quarter. Finally, Silverarc Capital Management LLC acquired a new position in shares of Aerovate Therapeutics during the third quarter worth approximately $1,357,000.

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.