Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Decreases By 5.3%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 1,790,000 shares, a decline of 5.3% from the November 15th total of 1,890,000 shares. Based on an average daily volume of 765,600 shares, the short-interest ratio is currently 2.3 days. Currently, 9.1% of the shares of the company are short sold.

Aerovate Therapeutics Stock Up 1.2 %

Shares of NASDAQ AVTE opened at $2.56 on Tuesday. The business has a 50-day moving average price of $2.48 and a 200 day moving average price of $3.51. The stock has a market cap of $73.92 million, a PE ratio of -0.86 and a beta of 1.01. Aerovate Therapeutics has a 52-week low of $1.25 and a 52-week 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. Sell-side analysts anticipate that Aerovate Therapeutics will post -2.64 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Deerfield Management Company L.P. Series C purchased a new stake in shares of Aerovate Therapeutics in the second quarter valued at about $2,343,000. GSA Capital Partners LLP lifted its position in Aerovate Therapeutics by 226.8% during 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 during the period. XTX Topco Ltd purchased a new position in shares of Aerovate Therapeutics in the 2nd quarter valued at approximately $35,000. Affinity Asset Advisors LLC acquired a new position in shares of Aerovate Therapeutics in the second quarter valued at approximately $332,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Aerovate Therapeutics during the second quarter worth approximately $298,000.

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.