Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Decreases By 21.4%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 665,000 shares, a decrease of 21.4% from the September 30th total of 846,500 shares. Currently, 3.4% of the company’s stock are short sold. Based on an average daily volume of 240,000 shares, the short-interest ratio is currently 2.8 days.

Aerovate Therapeutics Price Performance

NASDAQ AVTE traded up $0.07 during trading hours on Tuesday, hitting $2.25. The company had a trading volume of 49,491 shares, compared to its average volume of 466,815. The firm’s 50 day moving average is $2.01 and its 200 day moving average is $7.92. 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 capitalization of $64.85 million, a price-to-earnings ratio of -0.72 and a beta of 1.04.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its earnings results on Monday, August 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.10). On average, equities analysts anticipate that Aerovate Therapeutics will post -2.74 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AVTE. Cubist Systematic Strategies LLC purchased a new stake in Aerovate Therapeutics during the 2nd quarter worth $53,000. Deerfield Management Company L.P. Series C purchased a new stake in shares of Aerovate Therapeutics during the second quarter worth about $2,343,000. Affinity Asset Advisors LLC acquired a new position in shares of Aerovate Therapeutics in the second quarter worth about $332,000. XTX Topco Ltd purchased a new position in Aerovate Therapeutics in the second quarter valued at about $35,000. Finally, Warberg Asset Management LLC purchased a new position in Aerovate Therapeutics in the second quarter valued at about $111,000.

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.