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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 1,270,000 shares, a growth of 9.5% from the August 15th total of 1,160,000 shares. Currently, 6.5% of the shares of the company are sold short. Based on an average daily trading volume, of 1,140,000 shares, the days-to-cover ratio is currently 1.1 days.

Analyst Upgrades and Downgrades

AVTE has been the subject of a number of analyst reports. TD Cowen cut shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Jefferies Financial Group reiterated a “hold” rating and set a $2.00 target price (down from $65.00) on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Wells Fargo & Company cut shares of Aerovate Therapeutics from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $35.00 to $2.00 in a research note on Tuesday, June 18th. Guggenheim reiterated a “neutral” rating on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Finally, Wedbush cut 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 note on Monday, June 17th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, Aerovate Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $2.25.

Aerovate Therapeutics Stock Up 0.5 %

Aerovate Therapeutics stock traded up $0.01 on Monday, hitting $1.91. The company’s 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 P/E ratio of -0.63 and a beta of 1.03. The company has a fifty day moving average price of $1.84 and a 200-day moving average price of $13.06. Aerovate Therapeutics has a one year low of $1.25 and a one year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its earnings results 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 anticipate that Aerovate Therapeutics will post -2.74 EPS for the current year.

Institutional Investors Weigh In On Aerovate Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Eventide Asset Management LLC bought a new stake in Aerovate Therapeutics during the 4th quarter worth about $276,000. Values First Advisors Inc. bought a new stake in Aerovate Therapeutics during the 2nd quarter worth about $26,000. Bank of New York Mellon Corp grew its holdings in Aerovate Therapeutics by 69.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock worth $78,000 after acquiring an additional 19,324 shares during the last quarter. XTX Topco Ltd bought a new stake in Aerovate Therapeutics during the 2nd quarter worth about $35,000. Finally, Quest Partners LLC grew 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 acquiring an additional 28,230 shares during the last quarter.

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.