Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Declines By 17.3%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 549,800 shares, a decrease of 17.3% from the October 15th total of 665,000 shares. Based on an average daily trading volume, of 750,300 shares, the short-interest ratio is presently 0.7 days. Currently, 2.8% of the company's shares are short sold.

Aerovate Therapeutics Stock Performance

NASDAQ AVTE traded down $0.03 during trading on Friday, hitting $2.53. The stock had a trading volume of 523,852 shares, compared to its average volume of 618,118. The stock has a 50 day simple moving average of $2.20 and a 200 day simple moving average of $6.31. Aerovate Therapeutics has a one year low of $1.25 and a one year high of $32.42. The stock has a market capitalization of $73.05 million, a price-to-earnings ratio of -0.85 and a beta of 1.00.

Aerovate Therapeutics (NASDAQ:AVTE - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.56) EPS for the quarter, topping analysts' consensus estimates of ($0.59) by $0.03. On average, sell-side analysts predict that Aerovate Therapeutics will post -2.74 EPS for the current year.

Institutional Trading of Aerovate Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of AVTE. Deerfield Management Company L.P. Series C purchased a new stake in shares of Aerovate Therapeutics in the 2nd quarter worth $2,343,000. Vanguard Group Inc. grew its holdings in Aerovate Therapeutics by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company's stock worth $19,879,000 after acquiring an additional 45,444 shares in the last quarter. GSA Capital Partners LLP increased its position in Aerovate Therapeutics by 226.8% during the 3rd 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. Ikarian Capital LLC bought a new stake in shares of Aerovate Therapeutics in the 1st quarter valued at about $10,881,000. Finally, State Street Corp lifted its position in shares of Aerovate Therapeutics by 7.7% in the 3rd quarter. State Street Corp now owns 367,468 shares of the company's stock worth $768,000 after purchasing an additional 26,278 shares during the period.

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.

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