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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a large increase in short interest during 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. Based on an average trading volume of 1,140,000 shares, the days-to-cover ratio is currently 1.1 days. Approximately 6.5% of the shares of the stock are short sold.

Aerovate Therapeutics Trading Up 0.5 %

Shares of NASDAQ:AVTE traded up $0.01 during mid-day trading on Monday, reaching $1.91. The stock had a trading volume of 159,216 shares, compared to its average volume of 515,217. The firm has a market cap of $55.05 million, a PE ratio of -0.63 and a beta of 1.03. The firm has a 50 day simple moving average of $1.84 and a two-hundred day simple moving average of $13.06. Aerovate Therapeutics has a twelve month low of $1.25 and a twelve month high of $32.42.

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 analysts’ consensus estimates of ($0.76) by ($0.10). On average, equities analysts anticipate that Aerovate Therapeutics will post -2.74 EPS for the current fiscal year.

Institutional Trading of Aerovate Therapeutics

A number of hedge funds have recently modified their holdings of AVTE. Eventide Asset Management LLC acquired a new stake in Aerovate Therapeutics during the 4th quarter worth approximately $276,000. Values First Advisors Inc. acquired a new stake in Aerovate Therapeutics during the 2nd quarter worth approximately $26,000. XTX Topco Ltd acquired a new stake in Aerovate Therapeutics during the 2nd quarter worth approximately $35,000. Cubist Systematic Strategies LLC acquired a new stake in Aerovate Therapeutics during the 2nd quarter worth approximately $53,000. Finally, Quest Partners LLC raised its holdings in Aerovate Therapeutics by 610.2% during the 2nd quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock worth $55,000 after buying an additional 28,230 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on AVTE shares. BTIG Research downgraded shares of Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a research report on Monday, June 17th. Jefferies Financial Group restated a “hold” rating and set a $2.00 target price (down from $65.00) on shares of Aerovate Therapeutics in a research report on Monday, June 17th. TD Cowen downgraded shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Wedbush downgraded shares of Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and cut their target price for the company from $41.00 to $3.00 in a research report on Monday, June 17th. Finally, Guggenheim restated a “neutral” rating on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $2.25.

Aerovate Therapeutics Company Profile

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.