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

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

Institutional Trading of Aerovate Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVTE. GSA Capital Partners LLP grew 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 purchasing an additional 287,163 shares during the period. Barclays PLC increased its position in shares of Aerovate Therapeutics by 310.8% in the 3rd quarter. Barclays PLC now owns 18,972 shares of the company's stock valued at $39,000 after buying an additional 14,354 shares in the last quarter. State Street Corp lifted its holdings in Aerovate Therapeutics by 7.7% during the third quarter. State Street Corp now owns 367,468 shares of the company's stock worth $768,000 after acquiring an additional 26,278 shares in the last quarter. FMR LLC grew its stake in Aerovate Therapeutics by 54,095.4% in the third 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 period. Finally, XTX Topco Ltd bought a new stake in shares of Aerovate Therapeutics in the second quarter worth about $35,000.

Aerovate Therapeutics Price Performance

Shares of AVTE traded down $0.02 during trading hours on Monday, hitting $2.60. The stock had a trading volume of 45,002 shares, compared to its average volume of 259,112. The stock has a market capitalization of $75.09 million, a price-to-earnings ratio of -0.87 and a beta of 0.99. The company's fifty day moving average is $2.59 and its two-hundred day moving average is $2.26. Aerovate Therapeutics has a 52 week low of $1.25 and a 52 week high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.59) by $0.03. Equities analysts predict that Aerovate Therapeutics will post -2.64 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.