Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Update

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 939,000 shares, an increase of 11.4% from the July 15th total of 842,600 shares. Currently, 4.9% of the shares of the stock are sold short. Based on an average trading volume of 1,160,000 shares, the short-interest ratio is presently 0.8 days.

Aerovate Therapeutics Trading Down 0.6 %

Shares of AVTE traded down $0.01 during mid-day trading on Friday, hitting $1.78. The company’s stock had a trading volume of 144,504 shares, compared to its average volume of 555,441. The firm has a 50-day simple moving average of $3.87 and a 200 day simple moving average of $15.81. The firm has a market capitalization of $51.30 million, a P/E ratio of -0.59 and a beta of 1.02. Aerovate Therapeutics has a 1-year low of $1.25 and a 1-year high of $32.42.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AVTE shares. TD Cowen cut shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. BTIG Research lowered shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, June 17th. Guggenheim restated a “neutral” rating on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Wedbush lowered Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $41.00 to $3.00 in a research note on Monday, June 17th. Finally, Evercore ISI lowered Aerovate Therapeutics from an “outperform” rating to an “inline” rating and reduced their price target for the company from $27.00 to $2.00 in a research report on Tuesday, June 18th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat, Aerovate Therapeutics presently has a consensus rating of “Hold” and a consensus price target of $2.25.

Insiders Place Their Bets

In related news, insider George A. Eldridge sold 15,000 shares of Aerovate Therapeutics stock in a transaction on Friday, June 14th. The shares were sold at an average price of $25.03, for a total value of $375,450.00. Following the sale, the insider now owns 5,022 shares of the company’s stock, valued at approximately $125,700.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 24.90% of the company’s stock.

Institutional Investors Weigh In On Aerovate Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vestal Point Capital LP purchased a new stake in Aerovate Therapeutics during the fourth quarter valued at about $9,052,000. Eventide Asset Management LLC acquired a new position in shares of Aerovate Therapeutics in the fourth quarter worth about $276,000. Vanguard Group Inc. lifted its stake in shares of Aerovate Therapeutics by 7.2% in the first 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. Ikarian Capital LLC acquired a new position in shares of Aerovate Therapeutics in the first quarter worth about $10,881,000. Finally, SG Americas Securities LLC acquired a new position in shares of Aerovate Therapeutics in the second quarter worth about $298,000.

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.