Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 3.8%

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) were down 3.8% on Thursday . The company traded as low as $21.46 and last traded at $21.64. Approximately 53,937 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 127,463 shares. The stock had previously closed at $22.50.

Analyst Ratings Changes

A number of research analysts have weighed in on AVTE shares. Wedbush restated an “outperform” rating on shares of Aerovate Therapeutics in a report on Thursday, April 4th. Jefferies Financial Group started coverage on Aerovate Therapeutics in a report on Monday, March 25th. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $35.00 price objective on shares of Aerovate Therapeutics in a report on Monday, April 1st.

Aerovate Therapeutics Trading Down 2.6 %

The firm has a fifty day moving average price of $24.41 and a 200 day moving average price of $19.07.

Insider Transactions at Aerovate Therapeutics

In other news, insider George A. Eldridge sold 7,500 shares of Aerovate Therapeutics stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $26.85, for a total transaction of $201,375.00. Following the transaction, the insider now owns 1,960 shares in the company, valued at approximately $52,626. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Ralph Niven sold 4,600 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $17.45, for a total transaction of $80,270.00. Following the completion of the sale, the insider now directly owns 1,609 shares of the company’s stock, valued at approximately $28,077.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider George A. Eldridge sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $26.85, for a total value of $201,375.00. Following the sale, the insider now directly owns 1,960 shares of the company’s stock, valued at $52,626. The disclosure for this sale can be found here. Insiders have sold a total of 66,670 shares of company stock worth $1,786,870 in the last quarter. Company insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Aerovate Therapeutics

Several institutional investors have recently bought and sold shares of the company. Rhumbline Advisers grew its position in Aerovate Therapeutics by 4.0% in the 1st quarter. Rhumbline Advisers now owns 14,798 shares of the company’s stock valued at $298,000 after acquiring an additional 566 shares in the last quarter. Barclays PLC grew its position in Aerovate Therapeutics by 22.0% in the 1st quarter. Barclays PLC now owns 4,720 shares of the company’s stock valued at $94,000 after acquiring an additional 850 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Aerovate Therapeutics by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,641 shares of the company’s stock valued at $722,000 after acquiring an additional 885 shares in the last quarter. JPMorgan Chase & Co. grew its position in Aerovate Therapeutics by 13.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,070 shares of the company’s stock valued at $138,000 after acquiring an additional 986 shares in the last quarter. Finally, UBS Group AG grew its position in Aerovate Therapeutics by 9.2% in the 4th quarter. UBS Group AG now owns 12,241 shares of the company’s stock valued at $277,000 after acquiring an additional 1,027 shares in the last quarter.

Aerovate Therapeutics Company Profile

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.