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

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

Hedge Funds Weigh In On Aerovate Therapeutics

A number of large investors have recently modified their holdings of the company. Deerfield Management Company L.P. Series C purchased a new stake in shares of Aerovate Therapeutics in the 2nd quarter valued at about $2,343,000. GSA Capital Partners LLP increased its position in shares of Aerovate Therapeutics by 226.8% in the third quarter. GSA Capital Partners LLP now owns 413,795 shares of the company’s stock worth $865,000 after purchasing an additional 287,163 shares during the last quarter. Affinity Asset Advisors LLC purchased a new stake in Aerovate Therapeutics in the second quarter valued at approximately $332,000. FMR LLC lifted its position in 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 purchasing an additional 82,766 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in Aerovate Therapeutics in the 4th quarter worth approximately $198,000.

Aerovate Therapeutics Stock Performance

AVTE stock opened at $2.43 on Friday. The stock has a fifty day moving average of $2.61 and a 200-day moving average of $2.19. 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 $70.18 million, a price-to-earnings ratio of -0.81 and a beta of 1.00.

Aerovate Therapeutics (NASDAQ:AVTE) last posted 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. Equities analysts predict that Aerovate Therapeutics will post -2.64 EPS 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.