Insider Selling: Aerovate Therapeutics, Inc. (NASDAQ:AVTE) CEO Sells 11,357 Shares of Stock

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) CEO Timothy P. Noyes sold 11,357 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $20.34, for a total transaction of $231,001.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Timothy P. Noyes also recently made the following trade(s):

• On Tuesday, April 16th, Timothy P. Noyes sold 10,000 shares of Aerovate Therapeutics stock. The shares were sold at an average price of $24.70, for a total value of $247,000.00.
• On Monday, April 1st, Timothy P. Noyes sold 10,000 shares of Aerovate Therapeutics stock. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00.

Aerovate Therapeutics Price Performance

Shares of NASDAQ AVTE traded down $0.46 during midday trading on Friday, hitting $20.29. 99,949 shares of the company’s stock were exchanged, compared to its average volume of 130,411. The firm has a market cap of $583.13 million, a P/E ratio of -7.23 and a beta of 1.40. Aerovate Therapeutics, Inc. has a twelve month low of $9.41 and a twelve month high of $32.42. The stock’s 50 day moving average price is $24.71 and its 200-day moving average price is $19.69.

Aerovate Therapeutics (NASDAQ:AVTE) last released its earnings results on Monday, March 25th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.06). On average, analysts expect that Aerovate Therapeutics, Inc. will post -2.78 EPS for the current fiscal year.

Analysts Set New Price Targets

AVTE has been the topic of a number of research reports. Jefferies Financial Group began coverage on Aerovate Therapeutics in a research note on Monday, March 25th. They set a “buy” rating and a $65.00 price target on the stock. Wedbush reissued an “outperform” rating on shares of Aerovate Therapeutics in a research report on Thursday, April 4th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a report on Monday, April 1st.

Institutional Trading of Aerovate Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. grew its holdings in Aerovate Therapeutics by 11.3% during the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after acquiring an additional 2,075 shares during the last quarter. Swiss National Bank increased its stake in shares of Aerovate Therapeutics by 30.9% in the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after acquiring an additional 5,000 shares during the last quarter. Eventide Asset Management LLC acquired a new position in shares of Aerovate Therapeutics in the 4th quarter valued at $276,000. Silverarc Capital Management LLC bought a new position in shares of Aerovate Therapeutics during the 3rd quarter valued at about $1,357,000. Finally, Vestal Point Capital LP bought a new stake in shares of Aerovate Therapeutics in the fourth quarter valued at about $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.