Aerovate Therapeutics (NASDAQ:AVTE) Shares Down 3.2% – Here’s Why

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) fell 3.2% on Thursday . The stock traded as low as $13.80 and last traded at $14.02. 266,446 shares traded hands during trading, an increase of 2,042% from the average session volume of 12,438 shares. The stock had previously closed at $14.48.

Aerovate Therapeutics Trading Up 0.4%

The business has a 50-day moving average of $14.66 and a two-hundred day moving average of $12.06. The firm has a market cap of $403.47 million, a P/E ratio of -4.66 and a beta of 0.95.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its holdings in Aerovate Therapeutics by 14.7% during the 1st quarter. AQR Capital Management LLC now owns 21,633 shares of the company’s stock worth $54,000 after purchasing an additional 2,779 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Aerovate Therapeutics by 67.3% in the 1st quarter. Rhumbline Advisers now owns 22,750 shares of the company’s stock valued at $57,000 after purchasing an additional 9,154 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Aerovate Therapeutics during the first quarter worth $28,000. Finally, Goldman Sachs Group Inc. increased its position in shares of Aerovate Therapeutics by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 352,669 shares of the company’s stock worth $885,000 after buying an additional 38,300 shares during the period.

About Aerovate Therapeutics

Aerovate Therapeutics is a clinical-stage biopharmaceutical company focused on developing inhaled therapies for patients with debilitating pulmonary diseases. By leveraging a proprietary aerosol delivery platform, the company aims to deliver potent small-molecule anti-fibrotic and anti-inflammatory agents directly to the lungs, thereby maximizing local drug exposure while minimizing systemic side effects.

The company’s lead product candidate is an inhaled formulation of an established anti-fibrotic agent currently in early-phase clinical trials for the treatment of idiopathic pulmonary fibrosis (IPF).