Aerovate Therapeutics (NASDAQ:AVTE) Sees Large Volume Increase

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTEGet Free Report) saw unusually-high trading volume on Wednesday . Approximately 151,180 shares were traded during mid-day trading, an increase of 15% from the previous session’s volume of 131,156 shares.The stock last traded at $20.38 and had previously closed at $19.28.

Analyst Ratings Changes

AVTE has been the subject of several research reports. Jefferies Financial Group initiated coverage on shares of Aerovate Therapeutics in a report on Monday, March 25th. They issued a “buy” rating and a $65.00 price objective for the company. Wedbush reissued an “outperform” rating and set a $41.00 price target on shares of Aerovate Therapeutics in a research report on Tuesday. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $35.00 price target on shares of Aerovate Therapeutics in a research report on Monday, April 1st.

Get Our Latest Analysis on Aerovate Therapeutics

Aerovate Therapeutics Stock Performance

The company has a market capitalization of $586.18 million, a PE ratio of -6.34 and a beta of 1.40. The business’s 50-day moving average is $24.37 and its 200-day moving average is $20.35.

Aerovate Therapeutics (NASDAQ:AVTEGet Free Report) last issued its quarterly earnings results on Monday, March 25th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.06). Analysts expect that Aerovate Therapeutics, Inc. will post -2.78 EPS for the current year.

Insider Activity at Aerovate Therapeutics

In related news, insider Benjamin T. Dake sold 3,432 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $28.01, for a total value of $96,130.32. Following the transaction, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $36,160.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $28.01, for a total transaction of $96,130.32. Following the transaction, the insider now owns 1,291 shares in the company, valued at approximately $36,160.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Marinus Verwijs sold 1,981 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $21.02, for a total transaction of $41,640.62. The disclosure for this sale can be found here. Insiders sold 92,261 shares of company stock valued at $2,379,544 over the last 90 days. Corporate insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of AVTE. Vestal Point Capital LP purchased a new stake in shares of Aerovate Therapeutics in the 4th quarter worth $9,052,000. Silverarc Capital Management LLC bought a new stake in Aerovate Therapeutics during the third quarter valued at about $1,357,000. Vanguard Group Inc. increased its position 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 buying an additional 45,444 shares in the last quarter. Eventide Asset Management LLC bought a new position in shares of Aerovate Therapeutics in the fourth quarter worth about $276,000. Finally, Swiss National Bank lifted its position in shares of Aerovate Therapeutics by 30.9% during the 3rd quarter. Swiss National Bank now owns 21,201 shares of the company’s stock valued at $288,000 after buying an additional 5,000 shares in the last quarter.

Aerovate Therapeutics Company Profile

(Get Free Report)

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.

See Also

Receive News & Ratings for Aerovate Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Aerovate Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.