Aerovate Therapeutics (NASDAQ:AVTE) Shares Up 3.7% – Still a Buy?

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

Aerovate Therapeutics Stock Performance

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

Hedge Funds Weigh In On Aerovate Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new position in Aerovate Therapeutics in the 1st quarter valued at about $28,000. AQR Capital Management LLC grew its stake in shares of Aerovate Therapeutics by 14.7% during the 1st quarter. AQR Capital Management LLC now owns 21,633 shares of the company’s stock valued at $54,000 after buying an additional 2,779 shares during the period. Rhumbline Advisers increased 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 acquiring an additional 9,154 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Aerovate Therapeutics by 12.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 352,669 shares of the company’s stock worth $885,000 after purchasing an additional 38,300 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).