Aerovate Therapeutics (NASDAQ:AVTE) Shares Down 3.8% on Insider Selling

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) shares traded down 3.8% on Thursday after an insider sold shares in the company. The company traded as low as $21.46 and last traded at $21.64. 53,937 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 127,463 shares. The stock had previously closed at $22.50.

Specifically, insider Benjamin T. Dake sold 6,853 shares of the business’s stock in a transaction on 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 filing with the SEC, which is available at this hyperlink. In other Aerovate Therapeutics news, Director David S. Grayzel sold 11,882 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $28.15, for a total value of $334,478.30. Following the completion of the sale, the director now directly owns 14,502 shares in the company, valued at $408,231.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benjamin T. Dake sold 6,853 shares of the 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 sale, the insider now owns 1,291 shares of the company’s stock, valued at $28,879.67. The disclosure for this sale can be found here. Insiders sold a total of 83,523 shares of company stock worth $2,187,172 over the last 90 days. 19.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wedbush restated an “outperform” rating on shares of Aerovate Therapeutics in a report on Thursday, April 4th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Aerovate Therapeutics in a research report on Monday, April 1st. Finally, Jefferies Financial Group began coverage on Aerovate Therapeutics in a research report on Monday, March 25th. They set a “buy” rating and a $65.00 price objective for the company.

Aerovate Therapeutics Price Performance

The company has a market capitalization of $614.31 million, a price-to-earnings ratio of -7.66 and a beta of 1.23. The firm has a 50-day moving average price of $24.44 and a two-hundred day moving average price of $19.14.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Aerovate Therapeutics by 2.3% during the first quarter. BlackRock Inc. now owns 746,934 shares of the company’s stock valued at $13,691,000 after purchasing an additional 17,126 shares during the last quarter. Vanguard Group Inc. boosted its position in Aerovate Therapeutics by 4.6% during the fourth quarter. Vanguard Group Inc. now owns 626,831 shares of the company’s stock valued at $14,185,000 after purchasing an additional 27,729 shares during the last quarter. FMR LLC boosted 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 last quarter. Point72 Asset Management L.P. acquired a new position in Aerovate Therapeutics during the fourth quarter valued at approximately $9,991,000. Finally, Vestal Point Capital LP acquired a new position in Aerovate Therapeutics during the fourth quarter valued at approximately $9,052,000.

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.