Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Grows By 9.9%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 993,100 shares, a growth of 9.9% from the March 15th total of 903,700 shares. Based on an average trading volume of 130,200 shares, the days-to-cover ratio is currently 7.6 days. Approximately 5.8% of the shares of the stock are sold short.

Aerovate Therapeutics Stock Down 6.6 %

NASDAQ AVTE opened at $23.62 on Wednesday. Aerovate Therapeutics has a 52 week low of $9.41 and a 52 week high of $32.42. The stock has a market capitalization of $658.05 million, a PE ratio of -8.20 and a beta of 1.23. The firm has a 50 day moving average of $24.37 and a two-hundred day moving average of $19.04.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on AVTE shares. Wells Fargo & Company reissued an “overweight” rating and issued a $35.00 price target on shares of Aerovate Therapeutics in a research note on Monday, April 1st. Jefferies Financial Group initiated coverage on shares of Aerovate Therapeutics in a research note on Monday, March 25th. They issued a “buy” rating and a $65.00 price target on the stock. Finally, Wedbush reaffirmed an “outperform” rating on shares of Aerovate Therapeutics in a research note on Thursday, April 4th.

Insider Buying and Selling

In other Aerovate Therapeutics news, insider George A. Eldridge sold 7,500 shares of Aerovate Therapeutics stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $26.85, for a total transaction of $201,375.00. Following the transaction, the insider now directly owns 1,960 shares of the company’s stock, valued at $52,626. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Aerovate Therapeutics news, insider George A. Eldridge sold 7,500 shares of Aerovate Therapeutics stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $26.85, for a total transaction of $201,375.00. Following the transaction, the insider now directly owns 1,960 shares of the company’s stock, valued at $52,626. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hunter Gillies sold 3,489 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $20.23, for a total transaction of $70,582.47. Following the completion of the sale, the insider now directly owns 3,251 shares in the company, valued at $65,767.73. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,670 shares of company stock worth $1,786,870. 19.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVTE. UBS Group AG acquired a new position in Aerovate Therapeutics during the 3rd quarter worth approximately $26,000. Tower Research Capital LLC TRC grew its holdings in Aerovate Therapeutics by 136.2% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,702 shares of the company’s stock worth $55,000 after acquiring an additional 1,558 shares in the last quarter. Citigroup Inc. grew its holdings in Aerovate Therapeutics by 1,351.5% during the 2nd quarter. Citigroup Inc. now owns 3,324 shares of the company’s stock worth $57,000 after acquiring an additional 3,095 shares in the last quarter. BNP Paribas Arbitrage SNC acquired a new position in Aerovate Therapeutics during the 3rd quarter worth approximately $66,000. Finally, Wells Fargo & Company MN grew its holdings in Aerovate Therapeutics by 156.7% during the 2nd quarter. Wells Fargo & Company MN now owns 4,200 shares of the company’s stock worth $72,000 after acquiring an additional 2,564 shares in the last quarter.

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.