Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 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 $19.34 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 16.67%. Over the course of the year, Aerovate Therapeutics Inc shares have dropped approximately -89.17%. Shares of the company reached a 52-week high of $32.42 on 04/01/24 and a 52-week low of $1.25 on 06/20/24. A 50-day SMA is recorded $2.04, while a 200-day SMA reached $12.35. Nevertheless, trading volume fell to 32.96 million shares from 52300.0 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 2.27, which, if violated, would cause prices to drop to 2.08. In the upper region, resistance lies at 2.82. The next price resistance is at 3.18. RSI (Relative Strength Index) is 64.41 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.06, which suggests the price will decrease in the coming days. Percent R is at 55.56%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
