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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE)’s share price fell 3.8% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $21.46 and last traded at $21.64. 53,937 shares changed hands during trading, a decline of 58% from the average session volume of 127,463 shares. The stock had previously closed at $22.50.

Specifically, Director David S. Grayzel sold 11,882 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $28.15, for a total transaction of $334,478.30. Following the transaction, the director now directly owns 14,502 shares in the company, valued at approximately $408,231.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Ralph Niven sold 4,600 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $17.45, for a total transaction of $80,270.00. Following the transaction, the insider now directly owns 1,609 shares in the company, valued at approximately $28,077.05. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David S. Grayzel sold 11,882 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $28.15, for a total value of $334,478.30. Following the transaction, the director now owns 14,502 shares in the company, valued at $408,231.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 83,523 shares of company stock worth $2,187,172. Insiders own 19.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AVTE. Wedbush restated an “outperform” rating on shares of Aerovate Therapeutics in a report on Thursday, April 4th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $35.00 price target on shares of Aerovate Therapeutics in a research report on Monday, April 1st. Finally, Jefferies Financial Group started coverage on shares of Aerovate Therapeutics in a research report on Monday, March 25th. They set a “buy” rating and a $65.00 price target on the stock.

Aerovate Therapeutics Stock Performance

The stock has a market cap of $614.31 million, a PE ratio of -7.66 and a beta of 1.23. The company’s 50-day moving average price is $24.44 and its 200 day moving average price is $19.14.

Institutional Trading of Aerovate Therapeutics

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in 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 purchasing an additional 2,995 shares during the period. Bank of New York Mellon Corp raised its position in 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 purchasing an additional 6,674 shares during the period. BlackRock Inc. raised its position in Aerovate Therapeutics by 2.3% in the first quarter. BlackRock Inc. now owns 746,934 shares of the company’s stock valued at $13,691,000 after purchasing an additional 17,126 shares during the period. Vanguard Group Inc. raised its position in Aerovate Therapeutics by 2.5% in the first quarter. Vanguard Group Inc. now owns 480,110 shares of the company’s stock valued at $8,801,000 after purchasing an additional 11,795 shares during the period. Finally, American International Group Inc. raised its position in Aerovate Therapeutics by 21.3% in the first quarter. American International Group Inc. now owns 6,494 shares of the company’s stock valued at $119,000 after purchasing an additional 1,140 shares during the period.

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.