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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a large decline in short interest in the month of 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. Approximately 9.1% of the shares of the company are short sold. Based on an average daily volume of 765,600 shares, the days-to-cover ratio is presently 2.3 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AVTE. Barclays PLC boosted its position in shares of Aerovate Therapeutics by 310.8% during the 3rd quarter. Barclays PLC now owns 18,972 shares of the company’s stock valued at $39,000 after purchasing an additional 14,354 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Aerovate Therapeutics by 69.9% during the 2nd 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. XTX Topco Ltd acquired a new position in Aerovate Therapeutics in the 2nd quarter worth about $35,000. State Street Corp raised its position in Aerovate Therapeutics by 7.7% during the third quarter. State Street Corp now owns 367,468 shares of the company’s stock valued at $768,000 after acquiring an additional 26,278 shares in the last quarter. Finally, Quest Partners LLC raised its holdings 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 valued at $55,000 after purchasing an additional 28,230 shares in the last quarter.

Aerovate Therapeutics Price Performance

Shares of AVTE opened at $2.53 on Thursday. The stock has a fifty day moving average price of $2.50 and a 200 day moving average price of $3.40. The company has a market cap of $73.05 million, a P/E ratio of -0.85 and a beta of 1.01. Aerovate Therapeutics has a 12 month low of $1.25 and a 12 month high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its earnings results on Tuesday, November 12th. The company reported ($0.56) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.03. As a group, research analysts anticipate that Aerovate Therapeutics will post -2.64 earnings per share 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.