Aerovate Therapeutics (NASDAQ:AVTE) Sees Strong Trading Volume

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw an uptick in trading volume on Wednesday . 197,194 shares changed hands during trading, an increase of 52% from the previous session’s volume of 129,738 shares.The stock last traded at $22.91 and had previously closed at $23.22.

Analyst Ratings Changes

Several analysts have recently weighed in on AVTE shares. Jefferies Financial Group began coverage on shares of Aerovate Therapeutics in a research note on Monday, March 25th. They set a “buy” rating and a $65.00 price target for the company. Wells Fargo & Company reiterated an “overweight” rating and issued a $35.00 target price on shares of Aerovate Therapeutics in a report on Monday, April 1st. Finally, Wedbush reissued an “outperform” rating on shares of Aerovate Therapeutics in a research report on Thursday, April 4th.

Aerovate Therapeutics Price Performance

The business’s fifty day moving average price is $24.56 and its two-hundred day moving average price is $19.35.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings results on Monday, March 25th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.06). On average, sell-side analysts predict that Aerovate Therapeutics, Inc. will post -2.78 earnings per share for the current fiscal year.

Insider Transactions at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 6,853 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $22.37, for a total transaction of $153,301.61. Following the transaction, the insider now owns 1,291 shares of the company’s stock, valued at $28,879.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Timothy P. Noyes sold 10,000 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $24.70, for a total transaction of $247,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin T. Dake sold 6,853 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $22.37, for a total value of $153,301.61. Following the completion of the sale, the insider now directly owns 1,291 shares of the company’s stock, valued at $28,879.67. The disclosure for this sale can be found here. Insiders sold 83,523 shares of company stock valued at $2,187,172 over the last 90 days. Corporate insiders own 19.30% of the company’s stock.

Institutional Investors Weigh In On Aerovate Therapeutics

A number of hedge funds have recently added to or reduced their stakes in AVTE. Swiss National Bank grew its holdings in shares of Aerovate Therapeutics by 30.9% during the third quarter. Swiss National Bank now owns 21,201 shares of the company’s stock worth $288,000 after buying an additional 5,000 shares in the last quarter. Silverarc Capital Management LLC acquired a new position in Aerovate Therapeutics in the third quarter worth about $1,357,000. Alps Advisors Inc. lifted its stake in Aerovate Therapeutics by 11.3% during the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after purchasing an additional 2,075 shares during the last quarter. Vestal Point Capital LP bought a new stake in shares of Aerovate Therapeutics during the 4th quarter valued at about $9,052,000. Finally, Eventide Asset Management LLC bought a new stake in shares of Aerovate Therapeutics in the 4th quarter worth approximately $276,000.

About Aerovate Therapeutics

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.