Jefferies Financial Group Begins Coverage on Aerovate Therapeutics (NASDAQ:AVTE)

Jefferies Financial Group assumed coverage on shares of Aerovate Therapeutics (NASDAQ:AVTE) in a research report sent to investors on Monday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $65.00 target price on the stock.

Separately, Wells Fargo & Company initiated coverage on Aerovate Therapeutics in a research report on Friday, December 8th. They issued an equal weight rating and a $35.00 price objective on the stock.

Aerovate Therapeutics Price Performance

NASDAQ:AVTE opened at $28.50 on Monday. Aerovate Therapeutics has a 1 year low of $9.41 and a 1 year high of $29.36. The company has a market cap of $788.60 million, a P/E ratio of -9.90 and a beta of 1.18. The stock’s fifty day moving average price is $21.99 and its two-hundred day moving average price is $17.62.

Insider Activity

In related news, insider Hunter Gillies sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $19.50, for a total value of $78,000.00. Following the sale, the insider now directly owns 3,251 shares of the company’s stock, valued at $63,394.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Ralph Niven sold 4,600 shares of Aerovate Therapeutics stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $17.45, for a total transaction of $80,270.00. Following the completion of the transaction, the insider now directly owns 1,609 shares in the company, valued at $28,077.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hunter Gillies sold 4,000 shares of Aerovate Therapeutics stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $19.50, for a total transaction of $78,000.00. Following the transaction, the insider now owns 3,251 shares of the company’s stock, valued at $63,394.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,495 shares of company stock valued at $701,281. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Aerovate Therapeutics

Large investors have recently made changes to their positions in the business. UBS Group AG bought a new stake in Aerovate Therapeutics in the 3rd quarter worth approximately $26,000. Tower Research Capital LLC TRC grew its position in Aerovate Therapeutics by 136.2% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,702 shares of the company’s stock worth $55,000 after purchasing an additional 1,558 shares during the period. Citigroup Inc. grew its position in Aerovate Therapeutics by 1,351.5% in the 2nd quarter. Citigroup Inc. now owns 3,324 shares of the company’s stock worth $57,000 after purchasing an additional 3,095 shares during the period. BNP Paribas Arbitrage SNC bought a new stake in Aerovate Therapeutics in the 3rd quarter worth approximately $66,000. Finally, Wells Fargo & Company MN grew its position in Aerovate Therapeutics by 156.7% in the 2nd quarter. Wells Fargo & Company MN now owns 4,200 shares of the company’s stock worth $72,000 after purchasing an additional 2,564 shares during the period.

About Aerovate Therapeutics

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of 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.