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

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

Aerovate Therapeutics Stock Performance

NASDAQ AVTE opened at $22.05 on Friday. Aerovate Therapeutics, Inc. has a fifty-two week low of $9.41 and a fifty-two week high of $32.42. The stock has a 50 day simple moving average of $24.44 and a two-hundred day simple moving average of $19.14. The stock has a market cap of $614.31 million, a P/E ratio of -7.66 and a beta of 1.23.

Institutional Investors Weigh In On Aerovate Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. UBS Group AG purchased a new stake in Aerovate Therapeutics in the 3rd quarter worth approximately $26,000. Tower Research Capital LLC TRC lifted 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 purchasing an additional 1,558 shares during the period. Legal & General Group Plc boosted its position in shares of Aerovate Therapeutics by 318.0% during the fourth quarter. Legal & General Group Plc now owns 3,235 shares of the company’s stock valued at $95,000 after purchasing an additional 2,461 shares in the last quarter. Citigroup Inc. boosted its position in shares of Aerovate Therapeutics by 1,351.5% during the second quarter. Citigroup Inc. now owns 3,324 shares of the company’s stock valued at $57,000 after purchasing an additional 3,095 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of Aerovate Therapeutics by 148.2% during the fourth quarter. Royal Bank of Canada now owns 3,475 shares of the company’s stock valued at $79,000 after purchasing an additional 2,075 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

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.