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

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

Institutional Trading of Aerovate Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its holdings 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. Bank of New York Mellon Corp raised its stake in shares of Aerovate Therapeutics by 69.9% in the 2nd 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. XTX Topco Ltd bought a new stake in shares of Aerovate Therapeutics in the 2nd quarter worth $35,000. State Street Corp lifted its holdings in shares of Aerovate Therapeutics by 7.7% in the third quarter. State Street Corp now owns 367,468 shares of the company’s stock valued at $768,000 after buying an additional 26,278 shares during the period. Finally, Quest Partners LLC boosted its stake in Aerovate Therapeutics by 610.2% during 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 Stock Performance

NASDAQ AVTE opened at $2.56 on Wednesday. The company has a 50-day moving average price of $2.49 and a two-hundred day moving average price of $3.40. 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 $73.92 million, a price-to-earnings ratio of -0.86 and a beta of 1.01.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its earnings results 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 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.