Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Up 2.3% – Still a Buy?

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) rose 2.3% during mid-day trading on Monday . The stock traded as high as $7.58 and last traded at $7.49. Approximately 77,779 shares were traded during trading, an increase of 525% from the average daily volume of 12,438 shares. The stock had previously closed at $7.32.

Aerovate Therapeutics Price Performance

The company has a market capitalization of $217.10 million, a PE ratio of -2.51 and a beta of 0.95. The company’s fifty day moving average is $8.64 and its 200-day moving average is $46.59.

Hedge Funds Weigh In On Aerovate Therapeutics

Institutional investors have recently bought and sold shares of the business. GTS Securities LLC acquired a new position in shares of Aerovate Therapeutics during the fourth quarter worth $27,000. Jane Street Group LLC acquired a new position in shares of Aerovate Therapeutics during the first quarter worth $28,000. PNC Financial Services Group Inc. increased its position in shares of Aerovate Therapeutics by 8,210.7% during the first quarter. PNC Financial Services Group Inc. now owns 13,962 shares of the company’s stock worth $35,000 after purchasing an additional 13,794 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Aerovate Therapeutics by 110.7% during the fourth quarter. Russell Investments Group Ltd. now owns 15,184 shares of the company’s stock worth $40,000 after purchasing an additional 7,977 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Aerovate Therapeutics during the fourth quarter valued at $52,000.

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.