Aerovate Therapeutics (NASDAQ:AVTE) Trading Up 4.2%

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVTE. BTIG Research cut shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, June 17th. Evercore ISI lowered shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and decreased their price target for the company from $27.00 to $2.00 in a report on Tuesday, June 18th. Wells Fargo & Company downgraded Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $35.00 to $2.00 in a research note on Tuesday, June 18th. Wedbush lowered 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. Finally, Jefferies Financial Group restated a “hold” rating and issued a $2.00 price target (down from $65.00) 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, Aerovate Therapeutics currently has an average rating of “Hold” and a consensus price target of $2.25.

Aerovate Therapeutics Trading Down 3.7 %

The stock’s 50 day moving average is $12.50 and its two-hundred day moving average is $19.08. The stock has a market capitalization of $52.17 million, a price-to-earnings ratio of -0.60 and a beta of 1.02.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.09). On average, research analysts anticipate that Aerovate Therapeutics, Inc. will post -2.87 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Eventide Asset Management LLC purchased a new stake in Aerovate Therapeutics during the fourth quarter worth about $276,000. SG Americas Securities LLC bought a new stake in shares of Aerovate Therapeutics during the 2nd quarter valued at about $298,000. Vestal Point Capital LP bought a new position in shares of Aerovate Therapeutics during the 4th quarter valued at about $9,052,000. Ikarian Capital LLC purchased a new position in shares of Aerovate Therapeutics during the first quarter worth approximately $10,881,000. Finally, Vanguard Group Inc. lifted 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 worth $19,879,000 after purchasing an additional 45,444 shares during the last quarter.

Aerovate Therapeutics Company Profile

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.