Aerovate Therapeutics (NASDAQ:AVTE) Shares Up 3.7% – Time to Buy?

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) shares shot up 3.7% on Wednesday . The stock traded as high as $15.58 and last traded at $15.25. 240,037 shares changed hands during mid-day trading, an increase of 1,830% from the average session volume of 12,438 shares. The stock had previously closed at $14.70.

Aerovate Therapeutics Trading Up 3.7%

The business’s 50-day moving average price is $13.86 and its 200-day moving average price is $10.39. The stock has a market cap of $442.02 million, a PE ratio of -5.10 and a beta of 0.95.

Institutional Investors Weigh In On Aerovate Therapeutics

Several hedge funds have recently modified their holdings of AVTE. Jane Street Group LLC acquired a new stake in Aerovate Therapeutics during the 1st quarter worth $28,000. AQR Capital Management LLC lifted its stake in shares of Aerovate Therapeutics by 14.7% in the 1st quarter. AQR Capital Management LLC now owns 21,633 shares of the company’s stock valued at $54,000 after purchasing an additional 2,779 shares during 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 period. Finally, Goldman Sachs Group Inc. increased its holdings in Aerovate Therapeutics by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 352,669 shares of the company’s stock valued at $885,000 after purchasing an additional 38,300 shares during the last quarter.

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).