Aerovate Therapeutics, Inc. (NASDAQ:AVTE – Get Rating) shares dropped 6.3% during trading on Thursday . The stock traded as low as $23.70 and last traded at $23.70. Approximately 2,369 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 106,765 shares. The stock had previously closed at $25.30.

Wall Street Analysts Forecast Growth

AVTE has been the subject of several recent analyst reports. BTIG Research raised Aerovate Therapeutics from a "neutral" rating to a "buy" rating and set a $27.00 price target for the company in a report on Tuesday, December 6th. Wedbush raised their price objective on Aerovate Therapeutics from $27.00 to $54.00 in a research note on Monday, December 12th.

Aerovate Therapeutics Trading Down 2.6 %

The stock has a market capitalization of $601.22 million, a PE ratio of -16.11 and a beta of 0.80. The firm has a 50 day moving average of $22.68 and a two-hundred day moving average of $20.16.

Insiders Place Their Bets

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 10,284 shares of the firm's stock in a transaction on Friday, January 6th. The stock was sold at an average price of $25.98, for a total transaction of $267,178.32. Following the completion of the transaction, the insider now owns 1,609 shares of the company's stock, valued at $41,801.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 10,284 shares of the firm's stock in a transaction on Friday, January 6th. The stock was sold at an average price of $25.98, for a total transaction of $267,178.32. Following the completion of the transaction, the insider now owns 1,609 shares of the company's stock, valued at $41,801.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy P. Noyes sold 15,000 shares of the firm's stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $18.00, for a total value of $270,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,788 shares of company stock valued at $2,019,814. Corporate insiders own 17.80% of the company's stock.

Institutional Investors Weigh In On Aerovate Therapeutics

Hedge funds have recently made changes to their positions in the business. 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. Tower Research Capital LLC TRC boosted its holdings in shares of Aerovate Therapeutics by 569.7% during the third quarter. Tower Research Capital LLC TRC now owns 3,449 shares of the company's stock worth $57,000 after purchasing an additional 2,934 shares during the last quarter. Finally, BNP Paribas Arbitrage SNC acquired a new position in Aerovate Therapeutics in the third quarter valued at $66,000.

Aerovate Therapeutics Company Profile

(Get Rating)

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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