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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) was the recipient of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 846,500 shares, a drop of 20.9% from the September 15th total of 1,070,000 shares. Based on an average daily trading volume, of 284,900 shares, the short-interest ratio is currently 3.0 days. Currently, 4.3% of the company's stock are sold short.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Values First Advisors Inc. purchased a new position in Aerovate Therapeutics in the 2nd quarter worth $26,000. XTX Topco Ltd bought a new position in Aerovate Therapeutics during the 2nd quarter worth approximately $35,000. Cubist Systematic Strategies LLC purchased a new position in Aerovate Therapeutics in the 2nd quarter worth approximately $53,000. Quest Partners LLC increased its stake in Aerovate Therapeutics by 610.2% in the 2nd quarter. Quest Partners LLC now owns 32,856 shares of the company's stock worth $55,000 after purchasing an additional 28,230 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Aerovate Therapeutics by 69.9% in the second quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company's stock valued at $78,000 after purchasing an additional 19,324 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AVTE. Guggenheim reaffirmed a "neutral" rating on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Evercore ISI cut Aerovate Therapeutics from an "outperform" rating to an "inline" rating and dropped their price target for the company from $27.00 to $2.00 in a research note on Tuesday, June 18th. TD Cowen cut shares of Aerovate Therapeutics from a "buy" rating to a "hold" rating in a research note on Tuesday, June 18th. Wells Fargo & Company lowered Aerovate Therapeutics from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $35.00 to $2.00 in a report on Tuesday, June 18th. Finally, BTIG Research downgraded Aerovate Therapeutics from a "buy" rating to a "neutral" rating in a research report on Monday, June 17th. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Aerovate Therapeutics presently has a consensus rating of "Hold" and a consensus target price of $2.25.

Aerovate Therapeutics Stock Performance

Aerovate Therapeutics stock traded up $0.09 during mid-day trading on Friday, reaching $2.13. The stock had a trading volume of 848,293 shares, compared to its average volume of 488,310. The firm has a market capitalization of $61.49 million, a PE ratio of -0.68 and a beta of 1.04. Aerovate Therapeutics has a fifty-two week low of $1.25 and a fifty-two week high of $32.42. The stock's 50-day simple moving average is $1.90 and its 200-day simple moving average is $10.07.

Aerovate Therapeutics (NASDAQ:AVTE - Get Free Report) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.10). On average, research analysts forecast that Aerovate Therapeutics will post -2.74 earnings per share for the current fiscal year.

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.