Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Up 35.5% in December

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 2,520,000 shares, a growth of 35.5% from the December 15th total of 1,860,000 shares. Based on an average daily volume of 768,100 shares, the short-interest ratio is currently 3.3 days. Currently, 12.9% of the shares of the company are short sold.

Institutional Trading of Aerovate Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in Aerovate Therapeutics by 69.9% during the second quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock worth $78,000 after buying an additional 19,324 shares in the last quarter. Quest Partners LLC grew its holdings 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 purchasing an additional 28,230 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Aerovate Therapeutics during the second quarter valued at approximately $35,000. Cubist Systematic Strategies LLC bought a new stake in shares of Aerovate Therapeutics during the second quarter valued at approximately $53,000. Finally, Affinity Asset Advisors LLC bought a new position in Aerovate Therapeutics in the second quarter worth $332,000.

Aerovate Therapeutics Trading Up 6.2 %

NASDAQ:AVTE traded up $0.15 during mid-day trading on Friday, hitting $2.58. 249,881 shares of the company’s stock traded hands, compared to its average volume of 298,416. The firm has a market capitalization of $74.51 million, a price-to-earnings ratio of -0.86 and a beta of 1.00. The firm has a 50 day moving average of $2.61 and a two-hundred day moving average of $2.19. Aerovate Therapeutics has a 12 month low of $1.25 and a 12 month high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its quarterly earnings data 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 research analysts expect 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.