Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 0.5% – Should You Sell?

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) fell 0.5% during trading on Monday . The company traded as low as $16.02 and last traded at $16.45. 226,065 shares were traded during trading, an increase of 1,718% from the average session volume of 12,438 shares. The stock had previously closed at $16.53.

Aerovate Therapeutics Stock Down 0.5%

The company has a 50 day moving average price of $12.24 and a 200-day moving average price of $9.79. The company has a market cap of $476.80 million, a price-to-earnings ratio of -5.50 and a beta of 0.95.

Hedge Funds Weigh In On Aerovate Therapeutics

Several large investors have recently modified their holdings of AVTE. Jane Street Group LLC bought a new stake in shares of Aerovate Therapeutics in the first quarter worth $28,000. AQR Capital Management LLC raised its position in Aerovate Therapeutics by 14.7% during the 1st quarter. AQR Capital Management LLC now owns 21,633 shares of the company’s stock worth $54,000 after purchasing an additional 2,779 shares during the last quarter. Rhumbline Advisers lifted its holdings in Aerovate Therapeutics by 67.3% during the 1st 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 period. Russell Investments Group Ltd. grew its position in shares of Aerovate Therapeutics by 113.3% in the 1st quarter. Russell Investments Group Ltd. now owns 32,395 shares of the company’s stock valued at $81,000 after buying an additional 17,211 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Aerovate Therapeutics in the first quarter valued at about $101,000.

Aerovate Therapeutics Company Profile

Aerovate Therapeutics is a clinical-stage biopharmaceutical company focused on developing inhaled therapies for patients with debilitating pulmonary diseases. By leveraging a proprietary aerosol delivery platform, the company aims to deliver potent small-molecule anti-fibrotic and anti-inflammatory agents directly to the lungs, thereby maximizing local drug exposure while minimizing systemic side effects.

The company’s lead product candidate is an inhaled formulation of an established anti-fibrotic agent currently in early-phase clinical trials for the treatment of idiopathic pulmonary fibrosis (IPF).