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

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) dropped 7.5% during trading on Wednesday . The stock traded as low as $13.70 and last traded at $13.9050. Approximately 142,707 shares traded hands during mid-day 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 Down 7.5%

The stock’s fifty day moving average price is $15.18 and its 200-day moving average price is $11.28. The company has a market capitalization of $403.04 million, a price-to-earnings ratio of -4.65 and a beta of 0.95.

Hedge Funds Weigh In On Aerovate Therapeutics

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings 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 acquiring an additional 2,779 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Aerovate Therapeutics by 12.2% in the first 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 in the last quarter. Jane Street Group LLC acquired a new position in shares of Aerovate Therapeutics during the 1st quarter worth approximately $28,000. Finally, Rhumbline Advisers raised its stake in shares of 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 purchasing an additional 9,154 shares in 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).