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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) shares traded down 3.8% during mid-day trading on Thursday following insider selling activity. The stock 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 Hunter Gillies sold 3,489 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $20.23, for a total transaction of $70,582.47. Following the transaction, the insider now owns 3,251 shares of the company’s stock, valued at $65,767.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Hunter Gillies sold 3,489 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $20.23, for a total transaction of $70,582.47. Following the transaction, the insider now owns 3,251 shares of the company’s stock, valued at $65,767.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider George A. Eldridge sold 3,433 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $25.25, for a total transaction of $86,683.25. Following the transaction, the insider now directly owns 1,960 shares in the company, valued at approximately $49,490. The disclosure for this sale can be found here. Insiders sold a total of 83,523 shares of company stock valued at $2,187,172 in the last ninety days. Insiders own 19.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Aerovate Therapeutics Stock Performance

The firm has a market cap of $614.31 million, a price-to-earnings ratio of -7.66 and a beta of 1.23. The stock’s fifty day moving average is $24.44 and its two-hundred day moving average is $19.14.

Institutional Investors Weigh In On Aerovate Therapeutics

Several large investors have recently made changes to their positions in the company. Alps Advisors Inc. grew its holdings in Aerovate Therapeutics by 11.3% in the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after buying an additional 2,075 shares in the last quarter. Swiss National Bank grew its stake in shares of 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 purchasing an additional 5,000 shares in the last quarter. Silverarc Capital Management LLC acquired a new position in shares of Aerovate Therapeutics during the third quarter valued at $1,357,000. Jane Street Group LLC bought a new stake in shares of Aerovate Therapeutics during the second quarter valued at about $183,000. Finally, State Street Corp lifted its holdings in Aerovate Therapeutics by 6.3% in the second quarter. State Street Corp now owns 178,554 shares of the company’s stock worth $2,791,000 after purchasing an additional 10,517 shares during the period.

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.