Insider Selling: Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Insider Sells 11,068 Shares of Stock

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) insider Benjamin T. Dake sold 11,068 shares of Aerovate Therapeutics stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $27.97, for a total transaction of $309,571.96. Following the sale, the insider now directly owns 1,291 shares in the company, valued at approximately $36,109.27. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Aerovate Therapeutics Stock Up 3.8 %

Shares of AVTE traded up $1.07 during midday trading on Thursday, hitting $29.57. The company had a trading volume of 216,915 shares, compared to its average volume of 119,992. The stock has a market cap of $823.82 million, a price-to-earnings ratio of -10.27 and a beta of 1.18. Aerovate Therapeutics, Inc. has a 52 week low of $9.41 and a 52 week high of $29.99. The company’s 50 day moving average price is $21.99 and its 200 day moving average price is $17.62.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Aerovate Therapeutics in a research report on Friday, December 8th. They issued an “equal weight” rating and a $35.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Aerovate Therapeutics in a research report on Monday. They issued a “buy” rating and a $65.00 target price for the company.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AVTE. JPMorgan Chase & Co. boosted its holdings in shares of Aerovate Therapeutics by 49.8% in the first quarter. JPMorgan Chase & Co. now owns 9,007 shares of the company’s stock valued at $165,000 after acquiring an additional 2,995 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Aerovate Therapeutics by 28.0% in the first quarter. Bank of New York Mellon Corp now owns 30,487 shares of the company’s stock valued at $559,000 after acquiring an additional 6,674 shares in the last quarter. BlackRock Inc. boosted its holdings in Aerovate Therapeutics by 2.3% during the first quarter. BlackRock Inc. now owns 746,934 shares of the company’s stock worth $13,691,000 after buying an additional 17,126 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Aerovate Therapeutics by 2.5% during the first quarter. Vanguard Group Inc. now owns 480,110 shares of the company’s stock worth $8,801,000 after buying an additional 11,795 shares in the last quarter. Finally, American International Group Inc. boosted its holdings in Aerovate Therapeutics by 21.3% during the first quarter. American International Group Inc. now owns 6,494 shares of the company’s stock worth $119,000 after buying an additional 1,140 shares in the last quarter.

Aerovate Therapeutics Company Profile

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of 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.