Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Down 21.4% in October

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 665,000 shares, a drop of 21.4% from the September 30th total of 846,500 shares. Based on an average trading volume of 240,000 shares, the days-to-cover ratio is presently 2.8 days. Currently, 3.4% of the shares of the company are sold short.

Institutional Trading of Aerovate Therapeutics

Several large investors have recently modified their holdings of AVTE. Deerfield Management Company L.P. Series C bought a new stake in Aerovate Therapeutics during the second quarter worth about $2,343,000. Ikarian Capital LLC acquired a new stake in shares of Aerovate Therapeutics during the 1st quarter worth approximately $10,881,000. Affinity Asset Advisors LLC bought a new position in Aerovate Therapeutics in the second quarter valued at approximately $332,000. SG Americas Securities LLC bought a new position in Aerovate Therapeutics in the second quarter valued at approximately $298,000. Finally, Warberg Asset Management LLC acquired a new position in Aerovate Therapeutics during the second quarter valued at approximately $111,000.

Aerovate Therapeutics Trading Up 2.8 %

NASDAQ AVTE traded up $0.06 during trading on Monday, reaching $2.18. The company's stock had a trading volume of 132,862 shares, compared to its average volume of 468,822. The firm has a 50 day moving average price of $2.01 and a 200 day moving average price of $7.92. 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 $62.83 million, a price-to-earnings ratio of -0.72 and a beta of 1.04.

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