Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Rises By 243.8%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw a significant increase in short interest in November. As of November 15th, there was short interest totalling 1,890,000 shares, an increase of 243.8% from the October 31st total of 549,800 shares. Based on an average trading volume of 771,000 shares, the short-interest ratio is currently 2.5 days. Approximately 9.7% of the shares of the stock are short sold.

Hedge Funds Weigh In On Aerovate Therapeutics

Several institutional investors have recently made changes to their positions in the business. Deerfield Management Company L.P. Series C bought a new stake in Aerovate Therapeutics during the 2nd quarter worth approximately $2,343,000. Ikarian Capital LLC purchased a new position in Aerovate Therapeutics during the first quarter worth $10,881,000. GSA Capital Partners LLP boosted its stake in Aerovate Therapeutics by 226.8% during the third quarter. GSA Capital Partners LLP now owns 413,795 shares of the company’s stock worth $865,000 after buying an additional 287,163 shares during the period. Affinity Asset Advisors LLC purchased a new position in Aerovate Therapeutics during the second quarter worth $332,000. Finally, SG Americas Securities LLC bought a new stake in shares of Aerovate Therapeutics during the second quarter worth $298,000.

Aerovate Therapeutics Stock Down 1.5 %

NASDAQ:AVTE traded down $0.04 during mid-day trading on Thursday, hitting $2.64. 214,131 shares of the stock traded hands, compared to its average volume of 605,574. The business’s 50-day moving average price is $2.31 and its 200 day moving average price is $5.09. The company has a market cap of $76.24 million, a PE ratio of -0.88 and a beta of 1.00. Aerovate Therapeutics has a 12-month low of $1.25 and a 12-month high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.56) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.03. Analysts anticipate 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.