Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Declines By 17.3%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 549,800 shares, a decline of 17.3% from the October 15th total of 665,000 shares. Based on an average daily volume of 750,300 shares, the days-to-cover ratio is currently 0.7 days. Currently, 2.8% of the shares of the company are short sold.

Aerovate Therapeutics Price Performance

Shares of AVTE traded down $0.03 during mid-day trading on Friday, hitting $2.53. 524,252 shares of the company’s stock were exchanged, compared to its average volume of 1,998,801. Aerovate Therapeutics has a fifty-two week low of $1.25 and a fifty-two week high of $32.42. The business’s 50 day moving average is $2.21 and its two-hundred day moving average is $6.09.

Aerovate Therapeutics (NASDAQ:AVTE) last released its earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.03. On average, equities research analysts anticipate that Aerovate Therapeutics will post -2.64 earnings per share for the current year.

Institutional Investors Weigh In On Aerovate Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Values First Advisors Inc. acquired a new stake in shares of Aerovate Therapeutics in the second quarter valued at about $26,000. XTX Topco Ltd purchased a new stake in Aerovate Therapeutics during the second quarter worth $35,000. Barclays PLC grew its holdings in Aerovate Therapeutics by 310.8% in the third quarter. Barclays PLC now owns 18,972 shares of the company’s stock valued at $39,000 after purchasing an additional 14,354 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Aerovate Therapeutics in the second quarter valued at $53,000. Finally, Quest Partners LLC raised its stake in shares of Aerovate Therapeutics by 610.2% during the 2nd 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.

About Aerovate Therapeutics

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.