Short Interest in Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Grows By 9.9%

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 993,100 shares, an increase of 9.9% from the March 15th total of 903,700 shares. Based on an average daily volume of 130,200 shares, the days-to-cover ratio is presently 7.6 days. Approximately 5.8% of the shares of the stock are sold short.

Aerovate Therapeutics Price Performance

Aerovate Therapeutics stock opened at $23.62 on Wednesday. Aerovate Therapeutics has a 1-year low of $9.41 and a 1-year high of $32.42. The firm has a market capitalization of $658.05 million, a P/E ratio of -8.20 and a beta of 1.23. The company’s 50-day moving average is $24.37 and its 200 day moving average is $19.04.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Wells Fargo & Company restated an “overweight” rating and set a $35.00 target price on shares of Aerovate Therapeutics in a research report on Monday, April 1st. Wedbush restated an “outperform” rating on shares of Aerovate Therapeutics in a research report on Thursday, April 4th. Finally, Jefferies Financial Group assumed coverage on shares of Aerovate Therapeutics in a research report on Monday, March 25th. They set a “buy” rating and a $65.00 target price on the stock.

Insiders Place Their Bets

In other Aerovate Therapeutics news, insider Benjamin T. Dake sold 3,432 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $28.01, for a total value of $96,130.32. Following the sale, the insider now owns 1,291 shares in the company, valued at approximately $36,160.91. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Aerovate Therapeutics news, insider Ralph Niven sold 4,600 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $17.45, for a total value of $80,270.00. Following the sale, the insider now owns 1,609 shares in the company, valued at approximately $28,077.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin T. Dake sold 3,432 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $28.01, for a total transaction of $96,130.32. Following the completion of the sale, the insider now owns 1,291 shares in the company, valued at approximately $36,160.91. The disclosure for this sale can be found here. Insiders have sold a total of 66,670 shares of company stock worth $1,786,870 in the last 90 days. 19.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Aerovate Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Aerovate Therapeutics by 2.3% in the 1st quarter. BlackRock Inc. now owns 746,934 shares of the company’s stock worth $13,691,000 after purchasing an additional 17,126 shares during the period. Vanguard Group Inc. raised its position in Aerovate Therapeutics by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 626,831 shares of the company’s stock worth $14,185,000 after purchasing an additional 27,729 shares during the period. FMR LLC raised its position in Aerovate Therapeutics by 24.9% in the 1st quarter. FMR LLC now owns 570,965 shares of the company’s stock worth $11,516,000 after purchasing an additional 113,778 shares during the period. Point72 Asset Management L.P. purchased a new stake in Aerovate Therapeutics in the 4th quarter worth about $9,991,000. Finally, Vestal Point Capital LP purchased a new stake in Aerovate Therapeutics in the 4th quarter worth about $9,052,000.

About Aerovate Therapeutics

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.