Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Rises By 243.8%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 1,890,000 shares, a growth of 243.8% from the October 31st total of 549,800 shares. Approximately 9.7% of the company’s stock are short sold. Based on an average daily volume of 771,000 shares, the days-to-cover ratio is currently 2.5 days.

Aerovate Therapeutics Trading Down 1.5 %

Shares of AVTE stock traded down $0.04 during trading hours on Thursday, reaching $2.64. 214,131 shares of the company’s stock were exchanged, compared to its average volume of 605,574. Aerovate Therapeutics has a 1 year low of $1.25 and a 1 year high of $32.42. The stock has a market cap of $76.24 million, a PE ratio of -0.88 and a beta of 1.00. The stock’s fifty day moving average price is $2.31 and its two-hundred day moving average price is $5.09.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its earnings results on Tuesday, November 12th. The company reported ($0.56) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.03. On average, equities analysts expect that Aerovate Therapeutics will post -2.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of AVTE. Deerfield Management Company L.P. Series C acquired a new position in Aerovate Therapeutics in the second quarter valued at approximately $2,343,000. Ikarian Capital LLC acquired a new position in Aerovate Therapeutics in the 1st quarter valued at $10,881,000. GSA Capital Partners LLP raised its stake in Aerovate Therapeutics by 226.8% in the 3rd quarter. GSA Capital Partners LLP now owns 413,795 shares of the company’s stock valued at $865,000 after purchasing an additional 287,163 shares during the last quarter. Affinity Asset Advisors LLC acquired a new position in Aerovate Therapeutics in the 2nd quarter valued at $332,000. Finally, SG Americas Securities LLC acquired a new position in Aerovate Therapeutics in the 2nd quarter valued at $298,000.

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.