Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE – Get Rating) traded down 4.3% during mid-day trading on Friday following insider selling activity. The stock traded as low as $25.50 and last traded at $25.72. 4,915 shares changed hands during trading, a decline of 97% from the average session volume of 163,711 shares. The stock had previously closed at $26.87.
Specifically, insider Benjamin T. Dake sold 4,185 shares of Aerovate Therapeutics stock in a transaction that occurred on Monday, October 17th. The stock was sold at an average price of $20.16, for a total transaction of $84,369.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Aerovate Therapeutics news, CEO Timothy P. Noyes sold 15,000 shares of the company's stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $27.07, for a total value of $406,050.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Benjamin T. Dake sold 4,185 shares of the stock in a transaction that occurred on Monday, October 17th. The shares were sold at an average price of $20.16, for a total transaction of $84,369.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,458 shares of company stock worth $1,836,309. 17.80% of the stock is currently owned by insiders.
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Wall Street Analyst Weigh In
Several equities analysts recently commented on AVTE shares. BTIG Research upgraded Aerovate Therapeutics from a "neutral" rating to a "buy" rating and set a $27.00 target price for the company in a research note on Tuesday, December 6th. Wedbush upped their target price on Aerovate Therapeutics from $27.00 to $54.00 in a research report on Monday, December 12th.
Aerovate Therapeutics Price Performance
The stock has a market cap of $625.87 million, a price-to-earnings ratio of -16.40 and a beta of 0.81. The business's fifty day simple moving average is $22.19 and its 200 day simple moving average is $19.79.
Aerovate Therapeutics (NASDAQ:AVTE – Get Rating) last released its quarterly earnings results on Monday, November 14th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.50) by ($0.06). As a group, equities analysts forecast that Aerovate Therapeutics, Inc. will post -2.07 EPS for the current fiscal year.
Hedge Funds Weigh In On Aerovate Therapeutics
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cormorant Asset Management LP raised its stake in shares of Aerovate Therapeutics by 34.7% during the 3rd quarter. Cormorant Asset Management LP now owns 2,330,691 shares of the company's stock worth $38,643,000 after purchasing an additional 600,000 shares in the last quarter. Citadel Advisors LLC raised its holdings in shares of Aerovate Therapeutics by 1.5% in the 3rd quarter. Citadel Advisors LLC now owns 1,615,578 shares of the company's stock worth $26,786,000 after buying an additional 23,569 shares in the last quarter. TCG Crossover Management LLC increased its holdings in shares of Aerovate Therapeutics by 7.9% during the third quarter. TCG Crossover Management LLC now owns 959,572 shares of the company's stock worth $15,910,000 after buying an additional 70,000 shares in the last quarter. VR Adviser LLC raised its position in Aerovate Therapeutics by 41.2% in the 3rd quarter. VR Adviser LLC now owns 833,927 shares of the company's stock valued at $13,827,000 after purchasing an additional 243,519 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Aerovate Therapeutics by 2.3% in the first quarter. BlackRock Inc. now owns 746,934 shares of the company's stock worth $13,691,000 after acquiring an additional 17,126 shares during the last quarter.
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.
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