Aerovate Therapeutics (NASDAQ:AVTE) Shares Down 7.5% – Time to Sell?

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) dropped 7.5% during mid-day trading on Wednesday . The company traded as low as $13.70 and last traded at $13.9050. Approximately 142,707 shares traded hands during trading, an increase of 1,047% from the average daily volume of 12,438 shares. The stock had previously closed at $15.03.

Aerovate Therapeutics Stock Performance

The firm’s 50-day moving average is $15.18 and its two-hundred day moving average is $11.28. The stock has a market cap of $403.04 million, a P/E ratio of -4.65 and a beta of 0.95.

Hedge Funds Weigh In On Aerovate Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new stake in shares of Aerovate Therapeutics in the 1st quarter valued at approximately $28,000. AQR Capital Management LLC raised its holdings in Aerovate Therapeutics by 14.7% in the first 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 period. Rhumbline Advisers boosted its position in shares of 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 purchasing an additional 9,154 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of 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 buying an additional 38,300 shares during the period.

About Aerovate Therapeutics

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).