Aerovate Therapeutics (NASDAQ:AVTE) Sees Large Volume Increase

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) shares saw strong trading volume on Wednesday . 197,194 shares traded hands during trading, an increase of 52% from the previous session’s volume of 129,738 shares.The stock last traded at $22.91 and had previously closed at $23.22.

Wall Street Analysts Forecast Growth

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

Aerovate Therapeutics Price Performance

The company’s 50-day simple moving average is $24.56 and its 200-day simple moving average is $19.35.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its quarterly earnings data on Monday, March 25th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.06). Equities analysts forecast that Aerovate Therapeutics, Inc. will post -2.78 EPS for the current year.

Insider Buying and Selling

In other Aerovate Therapeutics news, insider George A. Eldridge sold 2,016 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $25.02, for a total value of $50,440.32. Following the completion of the sale, the insider now owns 1,960 shares in the company, valued at approximately $49,039.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Aerovate Therapeutics news, insider George A. Eldridge sold 2,016 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $25.02, for a total value of $50,440.32. Following the transaction, the insider now directly owns 1,960 shares of the company’s stock, valued at approximately $49,039.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Ralph Niven sold 4,600 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $17.45, for a total value of $80,270.00. Following the sale, the insider now directly owns 1,609 shares of the company’s stock, valued at $28,077.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,523 shares of company stock valued at $2,187,172. Corporate insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Aerovate Therapeutics

Large investors have recently made changes to their positions in the business. Eventide Asset Management LLC acquired a new position in shares of Aerovate Therapeutics in the fourth quarter valued at $276,000. Vestal Point Capital LP acquired a new position in shares of Aerovate Therapeutics in the 4th quarter worth approximately $9,052,000. Alps Advisors Inc. raised its holdings in shares of Aerovate Therapeutics by 11.3% in the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after buying an additional 2,075 shares in the last quarter. Silverarc Capital Management LLC bought a new position in shares of Aerovate Therapeutics during the 3rd quarter worth approximately $1,357,000. Finally, Swiss National Bank boosted its stake in 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 buying an additional 5,000 shares in the last quarter.

Aerovate Therapeutics Company Profile

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.