Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Declines By 21.4%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 665,000 shares, a decrease of 21.4% from the September 30th total of 846,500 shares. Based on an average trading volume of 240,000 shares, the days-to-cover ratio is presently 2.8 days. Currently, 3.4% of the shares of the company are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Values First Advisors Inc. bought a new position in Aerovate Therapeutics in the second quarter worth $26,000. XTX Topco Ltd bought a new position in Aerovate Therapeutics in the second quarter worth $35,000. Cubist Systematic Strategies LLC bought a new position in Aerovate Therapeutics in the second quarter worth $53,000. Quest Partners LLC lifted its holdings in shares of Aerovate Therapeutics by 610.2% during the second quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock valued at $55,000 after acquiring an additional 28,230 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of 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 acquiring an additional 19,324 shares during the period.

Aerovate Therapeutics Stock Performance

Shares of AVTE traded up $0.05 during mid-day trading on Monday, hitting $2.17. The company’s stock had a trading volume of 105,250 shares, compared to its average volume of 468,689. Aerovate Therapeutics has a one year low of $1.25 and a one year high of $32.42. The firm has a market capitalization of $62.54 million, a PE ratio of -0.72 and a beta of 1.04. The stock’s 50-day moving average is $2.00 and its two-hundred day moving average is $8.10.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its quarterly earnings data 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). Analysts expect 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.