Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Sees Large Increase in Short Interest

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,890,000 shares, a growth of 243.8% from the October 31st total of 549,800 shares. Based on an average daily volume of 771,000 shares, the short-interest ratio is presently 2.5 days. Approximately 9.7% of the company’s shares are short sold.

Institutional Trading of Aerovate Therapeutics

Several hedge funds have recently modified their holdings of the stock. Barclays PLC grew its stake in Aerovate Therapeutics by 310.8% during the 3rd quarter. Barclays PLC now owns 18,972 shares of the company’s stock worth $39,000 after purchasing an additional 14,354 shares in the last quarter. State Street Corp boosted its stake 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 valued at $768,000 after buying an additional 26,278 shares during the period. FMR LLC grew its position in shares of Aerovate Therapeutics by 54,095.4% during the third quarter. FMR LLC now owns 82,919 shares of the company’s stock worth $173,000 after buying an additional 82,766 shares in the last quarter. GSA Capital Partners LLP increased its stake in shares of Aerovate Therapeutics by 226.8% during the third quarter. GSA Capital Partners LLP now owns 413,795 shares of the company’s stock worth $865,000 after buying an additional 287,163 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in Aerovate Therapeutics in the second quarter valued at approximately $53,000.

Aerovate Therapeutics Stock Performance

Shares of AVTE traded down $0.01 during mid-day trading on Friday, hitting $2.63. 106,829 shares of the company’s stock were exchanged, compared to its average volume of 603,415. The stock’s 50-day moving average is $2.35 and its 200-day moving average is $4.95. Aerovate Therapeutics has a fifty-two week low of $1.25 and a fifty-two week high of $32.42. The company has a market cap of $75.95 million, a price-to-earnings ratio of -0.88 and a beta of 1.00.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.03. As a group, equities research analysts anticipate that Aerovate Therapeutics will post -2.64 EPS for the current 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.