Jefferies Financial Group Begins Coverage on Aerovate Therapeutics (NASDAQ:AVTE)

Jefferies Financial Group started coverage on shares of Aerovate Therapeutics (NASDAQ:AVTE) in a research note issued to investors on Monday morning, Marketbeat.com reports. The firm issued a buy rating and a $65.00 price target on the stock.

Separately, Wells Fargo & Company initiated coverage on shares of Aerovate Therapeutics in a research report on Friday, December 8th. They set an equal weight rating and a $35.00 target price on the stock.

Aerovate Therapeutics Stock Performance

Shares of NASDAQ AVTE opened at $28.50 on Monday. The firm has a market capitalization of $788.60 million, a P/E ratio of -9.90 and a beta of 1.18. Aerovate Therapeutics has a one year low of $9.41 and a one year high of $29.36. The company’s fifty day moving average is $21.99 and its two-hundred day moving average is $17.62.

Insider Buying and Selling

In related news, insider Marinus Verwijs sold 5,300 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $26.08, for a total value of $138,224.00. Following the sale, the insider now directly owns 1,291 shares in the company, valued at approximately $33,669.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Ralph Niven sold 4,600 shares of the business’s stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $19.16, for a total value of $88,136.00. Following the completion of the transaction, the insider now owns 1,609 shares of the company’s stock, valued at approximately $30,828.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marinus Verwijs sold 5,300 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $26.08, for a total transaction of $138,224.00. Following the completion of the transaction, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $33,669.28. The disclosure for this sale can be found here. Insiders have sold 31,495 shares of company stock worth $701,281 in the last three months. Corporate insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Alps Advisors Inc. raised its stake in Aerovate Therapeutics by 11.3% in the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after purchasing an additional 2,075 shares during the last quarter. Swiss National Bank increased its stake in shares of Aerovate Therapeutics by 30.9% during the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after acquiring an additional 5,000 shares during the last quarter. Silverarc Capital Management LLC acquired a new position in shares of Aerovate Therapeutics during the 3rd quarter valued at about $1,357,000. Driehaus Capital Management LLC acquired a new position in shares of Aerovate Therapeutics during the 2nd quarter valued at about $20,479,000. Finally, HighVista Strategies LLC increased its stake in shares of Aerovate Therapeutics by 164.0% during the 2nd quarter. HighVista Strategies LLC now owns 41,803 shares of the company’s stock valued at $717,000 after acquiring an additional 25,970 shares during the last quarter.

Aerovate Therapeutics Company Profile

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. 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.