Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Rises By 35.5%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 2,520,000 shares, an increase of 35.5% from the December 15th total of 1,860,000 shares. Approximately 12.9% of the company’s stock are sold short. Based on an average daily trading volume, of 768,100 shares, the days-to-cover ratio is presently 3.3 days.

Aerovate Therapeutics Price Performance

Shares of NASDAQ:AVTE opened at $2.46 on Thursday. Aerovate Therapeutics has a 12-month low of $1.25 and a 12-month high of $32.42. The firm has a market capitalization of $71.03 million, a P/E ratio of -0.82 and a beta of 1.00. The firm has a fifty day moving average of $2.62 and a two-hundred day moving average of $2.19.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.03. Equities research analysts expect that Aerovate Therapeutics will post -2.64 earnings per share for the current fiscal year.

Institutional Trading of Aerovate Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. Series C bought a new position in shares of Aerovate Therapeutics during the 2nd quarter valued at $2,343,000. GSA Capital Partners LLP raised its holdings in Aerovate Therapeutics by 226.8% during the third quarter. GSA Capital Partners LLP now owns 413,795 shares of the company’s stock valued at $865,000 after buying an additional 287,163 shares in the last quarter. Affinity Asset Advisors LLC acquired a new stake in shares of Aerovate Therapeutics in the second quarter worth about $332,000. FMR LLC increased its holdings in shares of Aerovate Therapeutics by 54,095.4% during the 3rd quarter. FMR LLC now owns 82,919 shares of the company’s stock valued at $173,000 after acquiring an additional 82,766 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in shares of Aerovate Therapeutics in the 4th quarter valued at approximately $198,000.

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.