Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Sees Significant Decrease in Short Interest

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 1,070,000 shares, a drop of 15.7% from the August 31st total of 1,270,000 shares. Based on an average daily volume of 524,800 shares, the days-to-cover ratio is presently 2.0 days. Approximately 5.5% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wedbush cut shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and cut their price target for the company from $41.00 to $3.00 in a research report on Monday, June 17th. Wells Fargo & Company lowered Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $35.00 to $2.00 in a research note on Tuesday, June 18th. Guggenheim reiterated a “neutral” rating on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Jefferies Financial Group reissued a “hold” rating and set a $2.00 target price (down from $65.00) on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Finally, TD Cowen downgraded shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2.25.

Aerovate Therapeutics Stock Up 0.5 %

NASDAQ AVTE traded up $0.01 on Monday, reaching $2.07. The company had a trading volume of 31,673 shares, compared to its average volume of 500,485. The company’s fifty day moving average is $1.86 and its 200 day moving average is $11.64. Aerovate Therapeutics has a 52-week low of $1.25 and a 52-week high of $32.42. The stock has a market capitalization of $59.66 million, a P/E ratio of -0.68 and a beta of 1.03.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its earnings results on Monday, August 12th. The company reported ($0.86) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.10). On average, research analysts expect that Aerovate Therapeutics will post -2.74 EPS for the current year.

Institutional Investors Weigh In On Aerovate Therapeutics

Several large investors have recently made changes to their positions in AVTE. Deerfield Management Company L.P. Series C purchased a new stake in Aerovate Therapeutics during the second quarter worth about $2,343,000. Vestal Point Capital LP bought a new position in Aerovate Therapeutics during the fourth quarter valued at $9,052,000. Ikarian Capital LLC bought a new position in Aerovate Therapeutics during the first quarter valued at $10,881,000. Affinity Asset Advisors LLC purchased a new stake in Aerovate Therapeutics in the second quarter worth $332,000. Finally, SG Americas Securities LLC bought a new stake in shares of Aerovate Therapeutics in the second quarter valued at $298,000.

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.