Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Down 17.3% in October

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 549,800 shares, a decline of 17.3% from the October 15th total of 665,000 shares. Currently, 2.8% of the company’s stock are sold short. Based on an average daily volume of 750,300 shares, the short-interest ratio is presently 0.7 days.

Institutional Investors Weigh In On Aerovate Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Values First Advisors Inc. acquired a new stake in shares of Aerovate Therapeutics in the second quarter worth $26,000. XTX Topco Ltd acquired a new position in Aerovate Therapeutics in the 2nd quarter worth about $35,000. Barclays PLC boosted its position in Aerovate Therapeutics by 310.8% during the third quarter. Barclays PLC now owns 18,972 shares of the company’s stock worth $39,000 after purchasing an additional 14,354 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Aerovate Therapeutics in the second quarter valued at approximately $53,000. Finally, Quest Partners LLC increased its position in shares of Aerovate Therapeutics by 610.2% in the second quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock valued at $55,000 after buying an additional 28,230 shares in the last quarter.

Aerovate Therapeutics Price Performance

Shares of AVTE stock traded down $0.03 during mid-day trading on Friday, hitting $2.53. 523,852 shares of the stock traded hands, compared to its average volume of 618,118. The stock’s fifty day moving average is $2.20 and its two-hundred day moving average is $6.31. Aerovate Therapeutics has a 52-week low of $1.25 and a 52-week high of $32.42. The stock has a market cap of $73.05 million, a P/E ratio of -0.85 and a beta of 1.00.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.03. As a group, equities analysts forecast that Aerovate Therapeutics will post -2.74 EPS for the current fiscal year.

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.