Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Up 9.5% in August

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 1,270,000 shares, a growth of 9.5% from the August 15th total of 1,160,000 shares. Based on an average daily trading volume, of 1,140,000 shares, the short-interest ratio is currently 1.1 days. Approximately 6.5% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Guggenheim restated a “neutral” rating on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Wedbush lowered shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $41.00 to $3.00 in a research note on Monday, June 17th. TD Cowen cut Aerovate Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th. BTIG Research lowered Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, June 17th. Finally, Wells Fargo & Company downgraded Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $35.00 to $2.00 in a research note on Tuesday, June 18th. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat, Aerovate Therapeutics presently has an average rating of “Hold” and an average target price of $2.25.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Values First Advisors Inc. bought a new position in shares of Aerovate Therapeutics during the 2nd quarter valued at about $26,000. XTX Topco Ltd bought a new stake in Aerovate Therapeutics during the second quarter worth approximately $35,000. Cubist Systematic Strategies LLC bought a new stake in Aerovate Therapeutics during the second quarter worth approximately $53,000. Quest Partners LLC grew its position in Aerovate Therapeutics by 610.2% in the second quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock worth $55,000 after buying an additional 28,230 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Aerovate Therapeutics by 69.9% in the second quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock valued at $78,000 after buying an additional 19,324 shares in the last quarter.

Aerovate Therapeutics Price Performance

NASDAQ AVTE opened at $1.91 on Tuesday. Aerovate Therapeutics has a 12 month low of $1.25 and a 12 month high of $32.42. The firm has a market capitalization of $55.05 million, a PE ratio of -0.63 and a beta of 1.03. The company’s 50 day simple moving average is $1.84 and its 200 day simple moving average is $13.06.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.10). Sell-side analysts anticipate that Aerovate Therapeutics will post -2.74 earnings per share for the current fiscal year.

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.