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

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

Hedge Funds Weigh In On Aerovate Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of AVTE. Values First Advisors Inc. bought a new position in shares of Aerovate Therapeutics during the 2nd quarter worth approximately $26,000. XTX Topco Ltd bought a new position in Aerovate Therapeutics in the second quarter worth approximately $35,000. Barclays PLC increased its stake in 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. Cubist Systematic Strategies LLC bought a new position in shares of Aerovate Therapeutics in the second quarter valued at $53,000. Finally, Quest Partners LLC raised its holdings in shares of Aerovate Therapeutics by 610.2% in the 2nd quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock worth $55,000 after acquiring an additional 28,230 shares during the last quarter.

Aerovate Therapeutics Trading Down 1.2 %

Shares of AVTE opened at $2.53 on Friday. The firm’s 50 day moving average is $2.21 and its 200-day moving average is $6.18. Aerovate Therapeutics has a 12 month low of $1.25 and a 12 month high of $32.42. The stock has a market capitalization of $73.05 million, a PE ratio of -0.85 and a beta of 1.00.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.03. Equities research analysts predict that Aerovate Therapeutics will post -2.74 earnings per share 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.