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Insider Buying: RA CAPITAL MANAGEMENT, L.P., Aerovate Therapeutics Inc [AVTE] Director invested 928,110 shares

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Aerovate Therapeutics Inc shares valued at $1,549,944 were purchased by RA CAPITAL MANAGEMENT, L.P. on Jun 17 ’24. At $1.67 per share, RA CAPITAL MANAGEMENT, L.P. acquired 928,110 shares. The insider’s holdings grew to 7,893,678 shares worth approximately $13.02 million following the completion of this transaction.

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Also, Eldridge George A sold 15,000 shares, netting a total of over 375,450 in proceeds. Following the sale of shares at $25.03 each, the insider now holds 5,022 shares.

Before that, Verwijs Marinus had sold 10,600 shares from its account. In a trade valued at $265,000, the CHIEF TECHNICAL OFFICER traded Aerovate Therapeutics Inc shares for $25.00 each. Upon closing the transaction, the insider’s holdings decreased to 10,600 shares, worth approximately $0.0.

As published in a research note from Wells Fargo on June 18, 2024, Aerovate Therapeutics Inc [AVTE] has been rated down from an Overweight to an Equal weight and the price target has been revised to $2 from $35. Analysts at TD Cowen downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in mid June. As of June 18, 2024, Evercore ISI has decreased its “an Outperform” rating to a “an In-line” for AVTE. Earlier on June 17, 2024, Wedbush downgraded its rating. Their new recommendation was “a Neutral” for AVTE stock which previously was a “an Outperform”.

Analyzing AVTE Stock Performance

During the last five days, there has been a surge of approximately 14.58%. Over the course of the year, Aerovate Therapeutics Inc shares have dropped approximately -92.71%. Shares of the company reached a 52-week high of $32.4150 on 04/01/24 and a 52-week low of $1.2500 on 06/20/24. A 50-day SMA is recorded $15.6868, while a 200-day SMA reached $17.9032. Nevertheless, trading volume fell to 0.6 million shares from 0.81 million shares the previous day.

Support And Resistance Levels for Aerovate Therapeutics Inc (AVTE)

According to the 24-hour chart, there is a support level at 1.6067, which, if violated, would cause prices to drop to 1.5233. In the upper region, resistance lies at 1.7367. The next price resistance is at 1.7833. RSI (Relative Strength Index) is 23.21 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.1879, which suggests the price will decrease in the coming days. Percent R is at 98.17%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

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