Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Update

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,890,000 shares, a growth of 243.8% from the October 31st total of 549,800 shares. Based on an average trading volume of 771,000 shares, the days-to-cover ratio is presently 2.5 days. Approximately 9.7% of the shares of the company are short sold.

Aerovate Therapeutics Stock Performance

NASDAQ AVTE traded up $0.01 on Wednesday, reaching $2.69. 22,686 shares of the company’s stock traded hands, compared to its average volume of 604,738. The stock has a 50 day moving average price of $2.30 and a 200-day moving average price of $5.22. The firm has a market cap of $77.69 million, a price-to-earnings ratio of -0.90 and a beta of 1.00. Aerovate Therapeutics has a fifty-two week low of $1.25 and a fifty-two week high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.56) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.03. As a group, equities research analysts anticipate that Aerovate Therapeutics will post -2.64 EPS for the current fiscal year.

Institutional Trading of Aerovate Therapeutics

A number of hedge funds have recently added to or reduced their stakes in AVTE. Deerfield Management Company L.P. Series C acquired a new stake in Aerovate Therapeutics in the second quarter valued at approximately $2,343,000. Vanguard Group Inc. grew its stake in Aerovate Therapeutics by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after acquiring an additional 45,444 shares during the period. GSA Capital Partners LLP increased its holdings in Aerovate Therapeutics by 226.8% in the 3rd quarter. GSA Capital Partners LLP now owns 413,795 shares of the company’s stock worth $865,000 after acquiring an additional 287,163 shares in the last quarter. Ikarian Capital LLC purchased a new stake in Aerovate Therapeutics in the 1st quarter worth $10,881,000. Finally, State Street Corp raised its position in Aerovate Therapeutics by 7.7% during the third quarter. State Street Corp now owns 367,468 shares of the company’s stock worth $768,000 after acquiring an additional 26,278 shares during the period.

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.