Aerovate Therapeutics, Inc. (NASDAQ:AVTE – Get Rating) fell 3.3% during mid-day trading on Tuesday . The stock traded as low as $25.24 and last traded at $25.24. 27 shares traded hands during mid-day trading, a decline of 100% from the average session volume of 88,013 shares. The stock had previously closed at $26.11.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on AVTE. BTIG Research raised shares of Aerovate Therapeutics from a "neutral" rating to a "buy" rating and set a $27.00 target price on the stock in a research note on Tuesday, December 6th. Wedbush increased their price target on shares of Aerovate Therapeutics from $27.00 to $54.00 in a research report on Monday, December 12th.
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Aerovate Therapeutics Stock Performance
The stock has a market capitalization of $615.13 million, a price-to-earnings ratio of -16.63 and a beta of 1.34. The firm's fifty day simple moving average is $20.15 and its 200 day simple moving average is $18.49.
Aerovate Therapeutics (NASDAQ:AVTE – Get Rating) last announced its earnings results on Monday, November 14th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.06). Analysts forecast that Aerovate Therapeutics, Inc. will post -2.07 earnings per share for the current year.
Insiders Place Their Bets
In other news, insider Ralph Niven sold 2,250 shares of the firm's stock in a transaction that occurred on Wednesday, October 5th. The shares were sold at an average price of $15.75, for a total transaction of $35,437.50. Following the completion of the transaction, the insider now directly owns 1,609 shares of the company's stock, valued at approximately $25,341.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Ralph Niven sold 2,250 shares of the firm's stock in a transaction that occurred on Wednesday, October 5th. The shares were sold at an average price of $15.75, for a total transaction of $35,437.50. Following the completion of the transaction, the insider now directly owns 1,609 shares of the company's stock, valued at approximately $25,341.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin T. Dake sold 10,520 shares of the firm's stock in a transaction that occurred on Friday, October 7th. The stock was sold at an average price of $16.01, for a total transaction of $168,425.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,228 shares of company stock worth $1,634,121. Company insiders own 17.80% of the company's stock.
Hedge Funds Weigh In On Aerovate Therapeutics
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. boosted its position in Aerovate Therapeutics by 21.3% during the first quarter. American International Group Inc. now owns 6,494 shares of the company's stock worth $119,000 after purchasing an additional 1,140 shares during the period. Amalgamated Bank acquired a new stake in shares of Aerovate Therapeutics during the first quarter worth $27,000. UBS Group AG acquired a new stake in shares of Aerovate Therapeutics during the third quarter worth $26,000. Russell Investments Group Ltd. acquired a new stake in shares of Aerovate Therapeutics during the second quarter worth $32,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Aerovate Therapeutics by 9.9% during the third quarter. Bank of New York Mellon Corp now owns 27,546 shares of the company's stock worth $457,000 after buying an additional 2,479 shares in the last quarter.
About Aerovate Therapeutics
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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.
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