Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Up 9.5% in August

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,270,000 shares, an increase of 9.5% from the August 15th total of 1,160,000 shares. Approximately 6.5% of the company’s shares are sold short. Based on an average daily volume of 1,140,000 shares, the short-interest ratio is currently 1.1 days.

Institutional Trading of Aerovate Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Deerfield Management Company L.P. Series C acquired a new stake in Aerovate Therapeutics during the second quarter worth about $2,343,000. Vestal Point Capital LP bought a new stake in Aerovate Therapeutics during the 4th quarter valued at approximately $9,052,000. Ikarian Capital LLC acquired a new position in shares of Aerovate Therapeutics in the first quarter valued at $10,881,000. Affinity Asset Advisors LLC acquired a new stake in shares of Aerovate Therapeutics in the 2nd quarter valued at $332,000. Finally, SG Americas Securities LLC acquired a new position in shares of Aerovate Therapeutics during the second quarter worth approximately $298,000.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AVTE. Wells Fargo & Company lowered shares of 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 research note on Tuesday, June 18th. Guggenheim restated a “neutral” rating on shares of Aerovate Therapeutics in a report on Monday, June 17th. Evercore ISI downgraded Aerovate Therapeutics from an “outperform” rating to an “inline” rating and decreased their target price for the company from $27.00 to $2.00 in a research note on Tuesday, June 18th. TD Cowen cut shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Finally, Wedbush lowered shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $41.00 to $3.00 in a report on Monday, June 17th. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Aerovate Therapeutics currently has an average rating of “Hold” and an average price target of $2.25.

Aerovate Therapeutics Trading Up 1.3 %

AVTE traded up $0.03 on Wednesday, hitting $1.94. 84,184 shares of the company’s stock traded hands, compared to its average volume of 511,225. Aerovate Therapeutics has a one year low of $1.25 and a one year high of $32.42. The firm has a market cap of $55.78 million, a price-to-earnings ratio of -0.63 and a beta of 1.03. The company’s 50 day simple moving average is $1.84 and its 200-day simple moving average is $12.91.

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