Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Drops By 5.3%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 1,790,000 shares, a decrease of 5.3% from the November 15th total of 1,890,000 shares. Approximately 9.1% of the shares of the company are sold short. Based on an average daily volume of 765,600 shares, the short-interest ratio is currently 2.3 days.

Institutional Investors Weigh In On Aerovate Therapeutics

Several institutional investors have recently made changes to their positions in AVTE. XTX Topco Ltd acquired a new stake in shares of Aerovate Therapeutics in the second quarter valued at about $35,000. Barclays PLC increased its holdings in 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 buying an additional 14,354 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Aerovate Therapeutics during the 2nd quarter valued at approximately $53,000. Quest Partners LLC boosted its stake in shares of Aerovate Therapeutics by 610.2% during the 2nd quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock worth $55,000 after acquiring an additional 28,230 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Aerovate Therapeutics by 69.9% in the 2nd 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 period.

Aerovate Therapeutics Stock Up 1.2 %

Shares of NASDAQ:AVTE opened at $2.56 on Tuesday. Aerovate Therapeutics has a 52 week low of $1.25 and a 52 week high of $32.42. The company has a 50-day moving average price of $2.48 and a 200 day moving average price of $3.51. The company has a market cap of $73.92 million, a P/E ratio of -0.86 and a beta of 1.01.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.03. Analysts expect that Aerovate Therapeutics will post -2.64 EPS for the current 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.