Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 3.9% Following Insider Selling

Aerovate Therapeutics, Inc. (NASDAQ:AVTE)’s share price fell 3.9% during trading on Wednesday following insider selling activity. The stock traded as low as $28.23 and last traded at $28.44. 5,463 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 121,717 shares. The stock had previously closed at $29.58.

Specifically, CEO Timothy P. Noyes sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Timothy P. Noyes sold 10,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.00, for a total value of $300,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin T. Dake sold 11,068 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $27.97, for a total transaction of $309,571.96. Following the transaction, the insider now owns 1,291 shares of the company’s stock, valued at approximately $36,109.27. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,288 shares of company stock worth $1,329,017. Corporate insiders own 19.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company reiterated an “overweight” rating and set a $35.00 price target on shares of Aerovate Therapeutics in a report on Monday. Jefferies Financial Group assumed coverage on shares of Aerovate Therapeutics in a report on Monday, March 25th. They set a “buy” rating and a $65.00 price target for the company.

Aerovate Therapeutics Stock Down 0.1 %

The business’s fifty day moving average is $23.19 and its 200-day moving average is $18.26. The stock has a market capitalization of $810.73 million, a PE ratio of -10.10 and a beta of 1.23.

Institutional Investors Weigh In On Aerovate Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. UBS Group AG acquired a new position in Aerovate Therapeutics during the third quarter valued at approximately $26,000. Tower Research Capital LLC TRC lifted its position in shares of Aerovate Therapeutics by 136.2% during the first quarter. Tower Research Capital LLC TRC now owns 2,702 shares of the company’s stock worth $55,000 after purchasing an additional 1,558 shares in the last quarter. Citigroup Inc. lifted its position in shares of Aerovate Therapeutics by 1,351.5% during the second quarter. Citigroup Inc. now owns 3,324 shares of the company’s stock worth $57,000 after purchasing an additional 3,095 shares in the last quarter. BNP Paribas Arbitrage SNC acquired a new position in shares of Aerovate Therapeutics during the third quarter worth $66,000. Finally, Wells Fargo & Company MN lifted its position in shares of Aerovate Therapeutics by 156.7% during the second quarter. Wells Fargo & Company MN now owns 4,200 shares of the company’s stock worth $72,000 after purchasing an additional 2,564 shares in 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.