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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a significant 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 trading volume of 765,600 shares, the days-to-cover ratio is presently 2.3 days. Currently, 9.1% of the company’s stock are sold short.

Institutional Investors Weigh In On Aerovate Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in AVTE. SG Americas Securities LLC bought a new position in shares of Aerovate Therapeutics in the 2nd quarter worth about $298,000. Bank of New York Mellon Corp lifted its holdings in Aerovate Therapeutics by 69.9% in the second 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. Quest Partners LLC lifted its holdings in Aerovate Therapeutics by 610.2% in the second 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 last quarter. Warberg Asset Management LLC bought a new position in Aerovate Therapeutics in the second quarter worth about $111,000. Finally, XTX Topco Ltd acquired a new position in Aerovate Therapeutics in the second quarter valued at approximately $35,000.

Aerovate Therapeutics Stock Performance

Shares of AVTE opened at $2.56 on Wednesday. Aerovate Therapeutics has a one year low of $1.25 and a one year high of $32.42. The stock has a 50-day moving average price of $2.49 and a 200 day moving average price of $3.40. The company has a market capitalization of $73.92 million, a P/E ratio of -0.86 and a beta of 1.01.

Aerovate Therapeutics (NASDAQ:AVTE) last released 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 research analysts forecast 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.