Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 5% – Here’s What Happened

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) shares were down 5% during trading on Wednesday . The company traded as low as $8.8950 and last traded at $9.00. Approximately 169,256 shares were traded during mid-day trading, an increase of 1,261% from the average daily volume of 12,438 shares. The stock had previously closed at $9.47.

Aerovate Therapeutics Price Performance

The company has a market capitalization of $260.87 million, a price-to-earnings ratio of -3.01 and a beta of 0.95. The stock has a fifty day simple moving average of $8.61 and a 200-day simple moving average of $12.10.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Jane Street Group LLC acquired a new stake in shares of Aerovate Therapeutics in the first quarter valued at about $28,000. PNC Financial Services Group Inc. lifted its position in 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 buying an additional 13,794 shares in the last quarter. AQR Capital Management LLC lifted its position in Aerovate Therapeutics by 14.7% during the first quarter. AQR Capital Management LLC now owns 21,633 shares of the company’s stock worth $54,000 after buying an additional 2,779 shares in the last quarter. Rhumbline Advisers boosted its stake in Aerovate Therapeutics by 67.3% during the first quarter. Rhumbline Advisers now owns 22,750 shares of the company’s stock worth $57,000 after buying an additional 9,154 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC purchased a new stake in Aerovate Therapeutics in the 1st quarter valued at $67,000.

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.