Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 3.8%

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) traded down 3.8% during trading on Thursday . The stock traded as low as $21.46 and last traded at $21.64. 53,937 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 127,463 shares. The stock had previously closed at $22.50.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wedbush reissued an “outperform” rating on shares of Aerovate Therapeutics in a report on Thursday, April 4th. Jefferies Financial Group assumed coverage on shares of Aerovate Therapeutics in a report on Monday, March 25th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $35.00 target price on shares of Aerovate Therapeutics in a report on Monday, April 1st.

Aerovate Therapeutics Stock Performance

The stock’s 50 day moving average is $24.41 and its 200-day moving average is $19.07.

Insider Activity at Aerovate Therapeutics

In related news, CEO Timothy P. Noyes sold 10,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Aerovate Therapeutics news, CEO Timothy P. Noyes sold 10,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider George A. Eldridge sold 7,500 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $26.85, for a total transaction of $201,375.00. Following the transaction, the insider now owns 1,960 shares in the company, valued at approximately $52,626. The disclosure for this sale can be found here. Insiders have sold a total of 66,670 shares of company stock valued at $1,786,870 over the last 90 days. 19.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. UBS Group AG bought a new position in Aerovate Therapeutics during the third quarter valued at $26,000. Tower Research Capital LLC TRC increased its position in Aerovate Therapeutics by 136.2% during the first quarter. Tower Research Capital LLC TRC now owns 2,702 shares of the company’s stock valued at $55,000 after acquiring an additional 1,558 shares during the last quarter. Citigroup Inc. grew its holdings in shares of Aerovate Therapeutics by 1,351.5% in the second quarter. Citigroup Inc. now owns 3,324 shares of the company’s stock worth $57,000 after purchasing an additional 3,095 shares during the last quarter. BNP Paribas Arbitrage SNC bought a new position in shares of Aerovate Therapeutics in the third quarter worth about $66,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Aerovate Therapeutics by 156.7% in the second quarter. Wells Fargo & Company MN now owns 4,200 shares of the company’s stock worth $72,000 after purchasing an additional 2,564 shares during the last quarter.

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.