Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Up 35.5% in January

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 2,520,000 shares, an increase of 35.5% from the December 31st total of 1,860,000 shares. Approximately 12.9% of the company’s stock are sold short. Based on an average daily trading volume, of 768,100 shares, the days-to-cover ratio is presently 3.3 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. GSA Capital Partners LLP boosted its position in Aerovate Therapeutics by 226.8% during the third quarter. GSA Capital Partners LLP now owns 413,795 shares of the company’s stock worth $865,000 after purchasing an additional 287,163 shares during the period. Barclays PLC lifted its stake in shares of Aerovate Therapeutics by 310.8% during the 3rd quarter. Barclays PLC now owns 18,972 shares of the company’s stock worth $39,000 after buying an additional 14,354 shares during the last quarter. State Street Corp lifted its stake in shares of Aerovate Therapeutics by 7.7% during the 3rd quarter. State Street Corp now owns 367,468 shares of the company’s stock worth $768,000 after buying an additional 26,278 shares during the last quarter. FMR LLC lifted its stake in shares of Aerovate Therapeutics by 54,095.4% during the 3rd quarter. FMR LLC now owns 82,919 shares of the company’s stock worth $173,000 after buying an additional 82,766 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Aerovate Therapeutics in the 2nd quarter valued at about $35,000.

Aerovate Therapeutics Trading Up 4.9 %

Shares of AVTE opened at $2.58 on Thursday. The company has a market cap of $74.51 million, a price-to-earnings ratio of -0.86 and a beta of 1.00. The company’s fifty day simple moving average is $2.60 and its 200 day simple moving average is $2.25. Aerovate Therapeutics has a 1-year low of $1.25 and a 1-year high of $32.42.

Aerovate Therapeutics (NASDAQ:AVTE) last issued its earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.03. As a group, research analysts forecast that Aerovate Therapeutics will post -2.64 earnings per share for the current year.

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.