Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Increases By 35.5%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 2,520,000 shares, an increase of 35.5% from the December 15th total of 1,860,000 shares. Currently, 12.9% of the shares of the stock are sold short. Based on an average daily volume of 768,100 shares, the days-to-cover ratio is currently 3.3 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AVTE. Barclays PLC increased its position in Aerovate Therapeutics by 310.8% in the 3rd quarter. Barclays PLC now owns 18,972 shares of the company's stock valued at $39,000 after acquiring an additional 14,354 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Aerovate Therapeutics by 69.9% during 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. XTX Topco Ltd bought a new stake in Aerovate Therapeutics during the 2nd quarter worth about $35,000. State Street Corp raised its position in Aerovate Therapeutics by 7.7% during the third quarter. State Street Corp now owns 367,468 shares of the company's stock worth $768,000 after acquiring an additional 26,278 shares in the last quarter. Finally, Quest Partners LLC increased its position in Aerovate Therapeutics by 610.2% during the second quarter. Quest Partners LLC now owns 32,856 shares of the company's stock worth $55,000 after buying an additional 28,230 shares during the last quarter.

Aerovate Therapeutics Stock Down 1.0 %

Shares of Aerovate Therapeutics stock traded down $0.03 during trading on Thursday, hitting $2.44. The stock had a trading volume of 61,927 shares, compared to its average volume of 297,509. The stock has a 50 day simple moving average of $2.61 and a 200 day simple moving average of $2.19. The company has a market capitalization of $70.32 million, a PE ratio of -0.81 and a beta of 1.00. Aerovate Therapeutics has a 1 year low of $1.25 and a 1 year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share for the quarter, topping analysts' consensus estimates of ($0.59) by $0.03. As a group, equities analysts expect that Aerovate Therapeutics will post -2.64 earnings per share 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.