Hunter Gillies Sells 4,000 Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Stock

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) insider Hunter Gillies sold 4,000 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $21.08, for a total value of $84,320.00. Following the sale, the insider now owns 5,602 shares of the company’s stock, valued at approximately $118,090.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hunter Gillies also recently made the following trade(s):

• On Friday, February 23rd, Hunter Gillies sold 511 shares of Aerovate Therapeutics stock. The stock was sold at an average price of $19.50, for a total value of $9,964.50.
• On Tuesday, February 20th, Hunter Gillies sold 3,489 shares of Aerovate Therapeutics stock. The stock was sold at an average price of $20.23, for a total value of $70,582.47.

Aerovate Therapeutics Trading Down 6.1 %

NASDAQ AVTE opened at $20.57 on Friday. The stock has a 50-day simple moving average of $24.14 and a 200 day simple moving average of $20.51. The company has a market capitalization of $592.62 million, a PE ratio of -6.77 and a beta of 1.40. Aerovate Therapeutics, Inc. has a 12 month low of $9.41 and a 12 month high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last released its quarterly earnings data on Monday, March 25th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.06). As a group, sell-side analysts predict that Aerovate Therapeutics, Inc. will post -2.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVTE. Vestal Point Capital LP acquired a new position in Aerovate Therapeutics in the fourth quarter valued at about $9,052,000. Ikarian Capital LLC acquired a new position in Aerovate Therapeutics in the first quarter valued at about $10,881,000. Silverarc Capital Management LLC acquired a new position in Aerovate Therapeutics in the third quarter valued at about $1,357,000. Vanguard Group Inc. grew its stake in Aerovate Therapeutics by 7.2% in the first quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after acquiring an additional 45,444 shares during the period. Finally, Eventide Asset Management LLC acquired a new position in Aerovate Therapeutics in the fourth quarter valued at about $276,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wedbush restated an “outperform” rating and set a $41.00 target price on shares of Aerovate Therapeutics in a research report on Tuesday, May 14th. Jefferies Financial Group initiated coverage on Aerovate Therapeutics in a report on Monday, March 25th. They issued a “buy” rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $35.00 price objective on shares of Aerovate Therapeutics in a report on Monday, April 1st.

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.