Aerovate Therapeutics (NASDAQ:AVTE) Trading Up 4.2%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) shares rose 4.2% during trading on Wednesday . The stock traded as high as $1.75 and last traded at $1.75. Approximately 539,841 shares were traded during trading, a decline of 8% from the average daily volume of 589,544 shares. The stock had previously closed at $1.68.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wedbush downgraded shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $41.00 to $3.00 in a report on Monday, June 17th. BTIG Research cut shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, June 17th. Wells Fargo & Company lowered shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $35.00 to $2.00 in a report on Tuesday, June 18th. Evercore ISI cut shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and decreased their price target for the stock from $27.00 to $2.00 in a report on Tuesday, June 18th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Aerovate Therapeutics in a report on Monday, June 17th. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.25.

Aerovate Therapeutics Trading Down 3.7 %

The stock has a market cap of $52.17 million, a PE ratio of -0.60 and a beta of 1.02. The business has a 50 day moving average of $12.50 and a 200-day moving average of $19.08.

Aerovate Therapeutics (NASDAQ:AVTE) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.09). Research analysts expect that Aerovate Therapeutics, Inc. will post -2.87 EPS for the current fiscal year.

Insider Buying and Selling at Aerovate Therapeutics

In related news, insider George A. Eldridge sold 15,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $25.03, for a total value of $375,450.00. Following the completion of the sale, the insider now owns 5,022 shares of the company’s stock, valued at $125,700.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider George A. Eldridge sold 15,000 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $25.03, for a total value of $375,450.00. Following the completion of the sale, the insider now directly owns 5,022 shares of the company’s stock, valued at approximately $125,700.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy P. Noyes sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $24.70, for a total value of $247,000.00. The disclosure for this sale can be found here. Insiders sold a total of 59,191 shares of company stock worth $1,348,514 over the last 90 days. Insiders own 24.90% of the company’s stock.

Institutional Trading of Aerovate Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVTE. Eventide Asset Management LLC bought a new position in Aerovate Therapeutics during the 4th quarter worth about $276,000. Vanguard Group Inc. raised its position in shares of 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 purchasing an additional 45,444 shares during the period. SG Americas Securities LLC bought a new stake in shares of Aerovate Therapeutics during the second quarter worth approximately $298,000. Ikarian Capital LLC bought a new stake in shares of Aerovate Therapeutics in the first quarter valued at about $10,881,000. Finally, Vestal Point Capital LP acquired a new stake in Aerovate Therapeutics during the fourth quarter worth approximately $9,052,000.

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.