Aerovate Therapeutics (NASDAQ:AVTE) Shares Gap Down to $28.05

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) gapped down prior to trading on Wednesday . The stock had previously closed at $28.05, but opened at $26.51. Aerovate Therapeutics shares last traded at $27.58, with a volume of 5,668 shares traded.

Analysts Set New Price Targets

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

Aerovate Therapeutics Stock Down 0.4 %

The company has a 50 day simple moving average of $24.01 and a 200 day simple moving average of $18.73. The stock has a market cap of $749.16 million, a price-to-earnings ratio of -9.34 and a beta of 1.23.

Insider Activity at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $28.01, for a total value of $96,130.32. Following the sale, the insider now owns 1,291 shares in the company, valued at $36,160.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Benjamin T. Dake sold 3,432 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $28.01, for a total transaction of $96,130.32. Following the completion of the transaction, the insider now directly owns 1,291 shares in the company, valued at $36,160.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin T. Dake sold 11,068 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $27.97, for a total value of $309,571.96. Following the sale, the insider now owns 1,291 shares in the company, valued at approximately $36,109.27. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,170 shares of company stock valued at $1,663,495. 19.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AVTE. UBS Group AG bought a new stake in shares of Aerovate Therapeutics in the 3rd quarter valued at about $26,000. Tower Research Capital LLC TRC lifted its holdings in Aerovate Therapeutics by 136.2% in the first quarter. Tower Research Capital LLC TRC now owns 2,702 shares of the company’s stock valued at $55,000 after buying an additional 1,558 shares during the period. Legal & General Group Plc boosted its position in Aerovate Therapeutics by 318.0% during the fourth quarter. Legal & General Group Plc now owns 3,235 shares of the company’s stock valued at $95,000 after acquiring an additional 2,461 shares during the last quarter. Citigroup Inc. boosted its position in shares of Aerovate Therapeutics by 1,351.5% during the 2nd quarter. Citigroup Inc. now owns 3,324 shares of the company’s stock valued at $57,000 after purchasing an additional 3,095 shares in the last quarter. Finally, Royal Bank of Canada grew its position in shares of Aerovate Therapeutics by 148.2% during the 4th quarter. Royal Bank of Canada now owns 3,475 shares of the company’s stock worth $79,000 after buying an additional 2,075 shares during the period.

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.