Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Down 17.3% in October

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 549,800 shares, a decline of 17.3% from the October 15th total of 665,000 shares. Currently, 2.8% of the shares of the company are sold short. Based on an average trading volume of 750,300 shares, the days-to-cover ratio is presently 0.7 days.

Aerovate Therapeutics Stock Down 1.2 %

Aerovate Therapeutics stock opened at $2.53 on Friday. Aerovate Therapeutics has a 52 week low of $1.25 and a 52 week high of $32.42. The stock has a market cap of $73.05 million, a price-to-earnings ratio of -0.85 and a beta of 1.00. The business has a 50-day simple moving average of $2.21 and a 200 day simple moving average of $6.18.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.56) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.03. On average, research analysts anticipate that Aerovate Therapeutics will post -2.74 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Aerovate Therapeutics by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 672,275 shares of the company’s stock valued at $19,879,000 after purchasing an additional 45,444 shares in the last quarter. Ikarian Capital LLC bought a new stake in Aerovate Therapeutics in the 1st quarter worth approximately $10,881,000. SG Americas Securities LLC bought a new position in shares of Aerovate Therapeutics during the 2nd quarter valued at $298,000. Values First Advisors Inc. bought a new stake in shares of Aerovate Therapeutics during the 2nd quarter valued at about $26,000. Finally, Bank of New York Mellon Corp grew its holdings in Aerovate Therapeutics by 69.9% during the second quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock valued at $78,000 after purchasing an additional 19,324 shares during the period.

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.