Aerovate Therapeutics (NASDAQ:AVTE) Shares Gap Down to $20.77

Aerovate Therapeutics, Inc. (NASDAQ:AVTE – Get Rating) gapped down prior to trading on Friday . The stock had previously closed at $20.77, but opened at $19.81. Aerovate Therapeutics shares last traded at $20.77, with a volume of 20,530 shares changing hands.

Analysts Set New Price Targets

Separately, Guggenheim initiated coverage on Aerovate Therapeutics in a research report on Tuesday, February 28th. They issued a “buy” rating and a $36.00 price objective on the stock.

Aerovate Therapeutics Trading Up 1.6 %

The stock has a market cap of $523.74 million, a PE ratio of -10.00 and a beta of 0.34. The business has a 50-day moving average price of $20.36 and a 200-day moving average price of $22.23.

Insider Activity at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 10,282 shares of the firm’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $23.73, for a total value of $243,991.86. Following the completion of the sale, the insider now directly owns 1,609 shares of the company’s stock, valued at approximately $38,181.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Benjamin T. Dake sold 10,282 shares of the firm’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $23.73, for a total transaction of $243,991.86. Following the completion of the sale, the insider now directly owns 1,609 shares of the company’s stock, valued at approximately $38,181.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy P. Noyes sold 15,000 shares of the firm’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $19.39, for a total value of $290,850.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,858 shares of company stock valued at $1,752,912. 17.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers boosted its holdings in Aerovate Therapeutics by 4.0% during the 1st quarter. Rhumbline Advisers now owns 14,798 shares of the company’s stock valued at $298,000 after acquiring an additional 566 shares during the period. Barclays PLC boosted its holdings in Aerovate Therapeutics by 22.0% during the 1st quarter. Barclays PLC now owns 4,720 shares of the company’s stock valued at $94,000 after acquiring an additional 850 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Aerovate Therapeutics by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,641 shares of the company’s stock valued at $722,000 after acquiring an additional 885 shares during the period. American International Group Inc. boosted its holdings in Aerovate Therapeutics by 21.3% during the 1st quarter. American International Group Inc. now owns 6,494 shares of the company’s stock valued at $119,000 after acquiring an additional 1,140 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Aerovate Therapeutics by 136.2% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,702 shares of the company’s stock valued at $55,000 after buying an additional 1,558 shares during the period.

Aerovate Therapeutics Company Profile

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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.