Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Update

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) was the recipient of a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 1,160,000 shares, a growth of 23.5% from the July 31st total of 939,000 shares. Currently, 5.9% of the company's shares are short sold. Based on an average trading volume of 1,160,000 shares, the short-interest ratio is presently 1.0 days.

Aerovate Therapeutics Trading Up 4.3 %

Shares of NASDAQ:AVTE traded up $0.08 on Friday, reaching $1.93. The company had a trading volume of 183,704 shares, compared to its average volume of 533,818. Aerovate Therapeutics has a 52-week low of $1.25 and a 52-week high of $32.42. The firm's 50 day simple moving average is $1.76 and its 200-day simple moving average is $14.73. The firm has a market capitalization of $55.63 million, a PE ratio of -0.62 and a beta of 1.02.

Analysts Set New Price Targets

AVTE has been the topic of several research reports. Wedbush downgraded Aerovate Therapeutics from an "outperform" rating to a "neutral" rating and reduced their price objective for the stock from $41.00 to $3.00 in a report on Monday, June 17th. Jefferies Financial Group reiterated a "hold" rating and issued a $2.00 price target (down from $65.00) on shares of Aerovate Therapeutics in a report on Monday, June 17th. Wells Fargo & Company downgraded Aerovate Therapeutics from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $35.00 to $2.00 in a report on Tuesday, June 18th. BTIG Research downgraded Aerovate Therapeutics from a "buy" rating to a "neutral" rating in a report on Monday, June 17th. Finally, Guggenheim reiterated a "neutral" rating on shares of Aerovate Therapeutics in a report on Monday, June 17th. Six analysts have rated the stock with a hold rating, According to MarketBeat, Aerovate Therapeutics presently has an average rating of "Hold" and a consensus price target of $2.25.

Insider Buying and Selling

In related news, insider George A. Eldridge sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $25.03, for a total transaction of $375,450.00. Following the completion of the sale, the insider now directly owns 5,022 shares of the company's stock, valued at approximately $125,700.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 24.90% of the stock is owned by corporate insiders.

Institutional Trading of Aerovate Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVTE. Vestal Point Capital LP acquired a new position in shares of Aerovate Therapeutics in the 4th quarter valued at about $9,052,000. Eventide Asset Management LLC acquired a new position in shares of Aerovate Therapeutics in the 4th quarter valued at about $276,000. Vanguard Group Inc. lifted its holdings in shares of Aerovate Therapeutics by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company's stock valued at $19,879,000 after buying an additional 45,444 shares during the period. Values First Advisors Inc. acquired a new position in shares of Aerovate Therapeutics in the 2nd quarter valued at about $26,000. Finally, SG Americas Securities LLC purchased a new position in shares of Aerovate Therapeutics in the 2nd quarter valued at about $298,000.

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.