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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a large growth in short interest in 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. Approximately 9.7% of the shares of the stock are sold short. Based on an average daily volume of 771,000 shares, the days-to-cover ratio is currently 2.5 days.

Institutional Trading of Aerovate Therapeutics

Several hedge funds have recently made changes to their positions in AVTE. Deerfield Management Company L.P. Series C purchased a new stake in Aerovate Therapeutics in the second quarter valued at $2,343,000. Vanguard Group Inc. raised its stake in shares of Aerovate Therapeutics by 7.2% in the first 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 in the last quarter. GSA Capital Partners LLP boosted its stake in shares of Aerovate Therapeutics by 226.8% in the 3rd quarter. GSA Capital Partners LLP now owns 413,795 shares of the company’s stock valued at $865,000 after buying an additional 287,163 shares during the period. Ikarian Capital LLC purchased a new stake in shares of Aerovate Therapeutics during the first quarter worth approximately $10,881,000. Finally, State Street Corp increased its stake in shares of 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 buying an additional 26,278 shares during the period.

Aerovate Therapeutics Price Performance

Aerovate Therapeutics stock traded up $0.01 during trading on Wednesday, reaching $2.69. 22,686 shares of the company were exchanged, compared to its average volume of 604,738. The stock’s 50 day simple moving average is $2.30 and its two-hundred day simple moving average is $5.22. The company has a market capitalization of $77.69 million, a P/E ratio of -0.90 and a beta of 1.00. Aerovate Therapeutics has a 52-week low of $1.25 and a 52-week high of $32.42.

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

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.