Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Down 5.3% in November

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) was the target of a large decline in short interest in November. As of November 30th, there was short interest totalling 1,790,000 shares, a decline of 5.3% from the November 15th total of 1,890,000 shares. Based on an average daily volume of 765,600 shares, the days-to-cover ratio is currently 2.3 days. Approximately 9.1% of the company's stock are short sold.

Institutional Trading of Aerovate Therapeutics

Several hedge funds have recently added to or reduced their stakes in AVTE. XTX Topco Ltd purchased a new stake in shares of Aerovate Therapeutics during the 2nd quarter worth approximately $35,000. Barclays PLC raised its stake in shares of Aerovate Therapeutics by 310.8% in the third quarter. Barclays PLC now owns 18,972 shares of the company's stock valued at $39,000 after buying an additional 14,354 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Aerovate Therapeutics during the 2nd quarter valued at $53,000. Quest Partners LLC grew its stake in shares of Aerovate Therapeutics by 610.2% during the 2nd quarter. Quest Partners LLC now owns 32,856 shares of the company's stock worth $55,000 after acquiring an additional 28,230 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Aerovate Therapeutics by 69.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company's stock worth $78,000 after acquiring an additional 19,324 shares during the last quarter.

Aerovate Therapeutics Price Performance

AVTE remained flat at $2.56 during mid-day trading on Tuesday. 92,236 shares of the company's stock were exchanged, compared to its average volume of 581,115. Aerovate Therapeutics has a 1 year low of $1.25 and a 1 year high of $32.42. The stock has a market capitalization of $73.92 million, a PE ratio of -0.86 and a beta of 1.01. The business has a 50-day moving average of $2.48 and a 200 day moving average of $3.51.

Aerovate Therapeutics (NASDAQ:AVTE - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.56) EPS for the quarter, beating analysts' consensus estimates of ($0.59) by $0.03. On average, equities research analysts expect that Aerovate Therapeutics will post -2.64 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.