Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 6.8%

Aerovate Therapeutics, Inc. (NASDAQ:AVTEGet Free Report) was down 6.8% on Thursday . The stock traded as low as $17.50 and last traded at $17.62. Approximately 79,539 shares traded hands during trading, a decline of 46% from the average daily volume of 148,422 shares. The stock had previously closed at $18.90.

Analysts Set New Price Targets

A number of brokerages have commented on AVTE. Wells Fargo & Company restated an “overweight” rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a research report on Monday, April 1st. Wedbush reissued an “outperform” rating and issued a $41.00 price target on shares of Aerovate Therapeutics in a report on Thursday. Finally, Jefferies Financial Group started coverage on shares of Aerovate Therapeutics in a report on Monday, March 25th. They set a “buy” rating and a $65.00 price objective for the company.

View Our Latest Stock Analysis on AVTE

Aerovate Therapeutics Price Performance

The company has a market capitalization of $597.52 million, a PE ratio of -6.82 and a beta of 1.30. The business has a 50-day moving average of $21.62 and a 200 day moving average of $21.04.

Aerovate Therapeutics (NASDAQ:AVTEGet Free Report) last posted its earnings results on Monday, May 13th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.09). As a group, research analysts anticipate that Aerovate Therapeutics, Inc. will post -2.94 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Timothy P. Noyes sold 10,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $30.00, for a total value of $300,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Timothy P. Noyes sold 10,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Hunter Gillies sold 4,000 shares of Aerovate Therapeutics stock in a transaction on Friday, May 17th. The stock was sold at an average price of $21.08, for a total transaction of $84,320.00. Following the transaction, the insider now directly owns 5,602 shares of the company’s stock, valued at $118,090.16. The disclosure for this sale can be found here. Insiders sold 102,147 shares of company stock valued at $2,596,267 in the last three months. Corporate insiders own 24.90% of the company’s stock.

Hedge Funds Weigh In On Aerovate Therapeutics

Several hedge funds have recently added to or reduced their stakes in AVTE. Alps Advisors Inc. grew its stake in shares of Aerovate Therapeutics by 11.3% during the third 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 last quarter. Swiss National Bank grew its position in Aerovate Therapeutics by 30.9% in the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after acquiring an additional 5,000 shares during the last quarter. Silverarc Capital Management LLC purchased a new stake in Aerovate Therapeutics in the third quarter worth $1,357,000. Vanguard Group Inc. lifted its position 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 worth $19,879,000 after purchasing an additional 45,444 shares during the last quarter. Finally, Ikarian Capital LLC purchased a new stake in shares of Aerovate Therapeutics during the first quarter valued at $10,881,000.

Aerovate Therapeutics Company Profile

(Get Free Report)

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.

Read More

Receive News & Ratings for Aerovate Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Aerovate Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.