Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Up 35.5% in December

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a significant growth in short interest in December. As of December 31st, there was short interest totalling 2,520,000 shares, a growth of 35.5% from the December 15th total of 1,860,000 shares. Currently, 12.9% of the shares of the stock are sold short. Based on an average daily volume of 768,100 shares, the short-interest ratio is presently 3.3 days.

Hedge Funds Weigh In On Aerovate Therapeutics

Several institutional investors have recently added to or reduced their stakes in AVTE. Barclays PLC increased its holdings in shares of Aerovate Therapeutics by 310.8% during the third quarter. Barclays PLC now owns 18,972 shares of the company’s stock worth $39,000 after buying an additional 14,354 shares in the last quarter. XTX Topco Ltd bought a new position in Aerovate Therapeutics in the 2nd quarter valued at $35,000. Cubist Systematic Strategies LLC bought a new position in Aerovate Therapeutics in the 2nd quarter valued at $53,000. Quest Partners LLC grew 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 worth $55,000 after purchasing an additional 28,230 shares during the last quarter. Finally, Bank of New York Mellon Corp grew 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 worth $78,000 after purchasing an additional 19,324 shares during the last quarter.

Aerovate Therapeutics Stock Performance

NASDAQ AVTE traded up $0.15 during trading on Friday, reaching $2.58. 249,881 shares of the company traded hands, compared to its average volume of 298,416. Aerovate Therapeutics has a 1-year low of $1.25 and a 1-year high of $32.42. The company has a market cap of $74.51 million, a price-to-earnings ratio of -0.86 and a beta of 1.00. The stock’s 50 day moving average price is $2.61 and its two-hundred day moving average price is $2.19.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.03. Equities research analysts expect that Aerovate Therapeutics will post -2.64 EPS for the current fiscal year.

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.