Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Shares Sold by Parkwood LLC

Parkwood LLC reduced its position in shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) by 23.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,786 shares of the company’s stock after selling 4,867 shares during the period. Parkwood LLC owned 0.06% of Aerovate Therapeutics worth $357,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vestal Point Capital LP acquired a new stake in shares of Aerovate Therapeutics during the fourth quarter valued at about $9,052,000. Alps Advisors Inc. increased its position in shares of Aerovate Therapeutics by 11.3% during the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock valued at $277,000 after acquiring an additional 2,075 shares during the last quarter. Swiss National Bank increased its position in shares of Aerovate Therapeutics by 30.9% during the third 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. Finally, Silverarc Capital Management LLC acquired a new stake in shares of Aerovate Therapeutics during the third quarter valued at about $1,357,000.

Aerovate Therapeutics Price Performance

Shares of NASDAQ:AVTE traded up $1.56 during trading on Thursday, hitting $24.58. 229,449 shares of the company were exchanged, compared to its average volume of 160,833. The stock has a market capitalization of $708.15 million, a P/E ratio of -8.09 and a beta of 1.30. Aerovate Therapeutics, Inc. has a 12-month low of $9.41 and a 12-month high of $32.42. The firm’s 50 day moving average price is $21.08 and its 200-day moving average price is $21.25.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.09). As a group, equities research analysts anticipate that Aerovate Therapeutics, Inc. will post -2.94 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on AVTE. Wedbush reissued an “outperform” rating and issued a $41.00 price objective on shares of Aerovate Therapeutics in a research note on Thursday, June 6th. Jefferies Financial Group began coverage on shares of Aerovate Therapeutics in a research note on Monday, March 25th. They issued a “buy” rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $35.00 price objective on shares of Aerovate Therapeutics in a research note on Monday, April 1st.

Insider Transactions at Aerovate Therapeutics

In other news, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Marinus Verwijs sold 1,981 shares of Aerovate Therapeutics stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $21.02, for a total value of $41,640.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin T. Dake sold 3,325 shares of Aerovate Therapeutics stock in a transaction on Monday, April 1st. The shares were sold at an average price of $31.97, for a total transaction of $106,300.25. Following the completion of the transaction, the insider now directly owns 1,291 shares in the company, valued at $41,273.27. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,698 shares of company stock worth $2,459,143. 24.90% of the stock is currently owned by insiders.

Aerovate Therapeutics 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.