Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Drops By 15.7%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 1,070,000 shares, a decrease of 15.7% from the August 31st total of 1,270,000 shares. Approximately 5.5% of the company’s stock are sold short. Based on an average trading volume of 524,800 shares, the days-to-cover ratio is currently 2.0 days.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AVTE shares. TD Cowen cut Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Wedbush downgraded shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $41.00 to $3.00 in a research report on Monday, June 17th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2.00 target price (down from $65.00) on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Evercore ISI cut shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and reduced their price target for the company from $27.00 to $2.00 in a research report on Tuesday, June 18th. Finally, Wells Fargo & Company lowered Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $35.00 to $2.00 in a report on Tuesday, June 18th. Six investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Aerovate Therapeutics presently has an average rating of “Hold” and a consensus price target of $2.25.

Aerovate Therapeutics Trading Down 1.0 %

AVTE stock traded down $0.02 on Friday, hitting $2.06. The company’s stock had a trading volume of 133,514 shares, compared to its average volume of 502,992. The stock has a market cap of $59.47 million, a price-to-earnings ratio of -0.68 and a beta of 1.03. The firm has a 50 day moving average of $1.86 and a two-hundred day moving average of $11.83. Aerovate Therapeutics has a 1 year low of $1.25 and a 1 year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its earnings results on Monday, August 12th. The company reported ($0.86) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.10). As a group, equities analysts forecast that Aerovate Therapeutics will post -2.74 EPS for the current fiscal year.

Institutional Trading of Aerovate Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Values First Advisors Inc. purchased a new stake in shares of Aerovate Therapeutics during the second quarter worth approximately $26,000. XTX Topco Ltd acquired a new position in Aerovate Therapeutics in the 2nd quarter valued at $35,000. Cubist Systematic Strategies LLC purchased a new position in Aerovate Therapeutics during the 2nd quarter worth $53,000. Quest Partners LLC raised its position in 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 buying an additional 28,230 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of 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 valued at $78,000 after acquiring an additional 19,324 shares in the last quarter.

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.