Stock Traders Buy High Volume of Aerovate Therapeutics Call Options (NASDAQ:AVTE)

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of some unusual options trading activity on Thursday. Stock investors acquired 3,010 call options on the stock. This represents an increase of 338% compared to the typical daily volume of 687 call options.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AVTE. Deerfield Management Company L.P. Series C acquired a new stake in Aerovate Therapeutics in the second quarter worth about $2,343,000. GSA Capital Partners LLP raised its position in shares of Aerovate Therapeutics by 226.8% during the 3rd 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 in the last quarter. State Street Corp lifted 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 worth $768,000 after acquiring an additional 26,278 shares during the period. Barclays PLC boosted its holdings in shares of Aerovate Therapeutics by 310.8% in the third 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. Finally, FMR LLC increased its stake 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 valued at $173,000 after acquiring an additional 82,766 shares during the period.

Aerovate Therapeutics Stock Down 1.2 %

NASDAQ AVTE traded down $0.03 on Thursday, hitting $2.43. The stock had a trading volume of 30,513 shares, compared to its average volume of 295,836. The company’s 50-day moving average is $2.61 and its two-hundred day moving average is $2.19. Aerovate Therapeutics has a one year low of $1.25 and a one year high of $32.42. The stock has a market cap of $70.18 million, a price-to-earnings ratio of -0.81 and a beta of 1.00.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.03. On average, sell-side analysts anticipate that Aerovate Therapeutics will post -2.64 earnings per share for the current year.

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.