Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Up 9.5% in August

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 1,270,000 shares, a growth of 9.5% from the August 15th total of 1,160,000 shares. Approximately 6.5% of the company’s shares are sold short. Based on an average trading volume of 1,140,000 shares, the days-to-cover ratio is presently 1.1 days.

Aerovate Therapeutics Price Performance

Shares of NASDAQ AVTE opened at $1.91 on Tuesday. Aerovate Therapeutics has a one year low of $1.25 and a one year high of $32.42. The business’s 50-day moving average price is $1.84 and its two-hundred day moving average price is $13.06. The company has a market capitalization of $55.05 million, a P/E ratio of -0.63 and a beta of 1.03.

Aerovate Therapeutics (NASDAQ:AVTE) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.10). On average, equities analysts anticipate that Aerovate Therapeutics will post -2.74 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on AVTE shares. TD Cowen lowered shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. BTIG Research lowered Aerovate Therapeutics from a “buy” rating to a “neutral” rating in a research report on Monday, June 17th. Wedbush downgraded Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $41.00 to $3.00 in a research note on Monday, June 17th. Guggenheim reaffirmed a “neutral” rating on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $2.00 price target (down from $65.00) on shares of Aerovate Therapeutics in a research report on Monday, June 17th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Aerovate Therapeutics currently has an average rating of “Hold” and a consensus price target of $2.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Values First Advisors Inc. bought a new stake in Aerovate Therapeutics in the second quarter worth $26,000. XTX Topco Ltd acquired a new stake in shares of Aerovate Therapeutics in the second quarter worth about $35,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Aerovate Therapeutics in the second quarter worth about $53,000. Quest Partners LLC boosted its stake in shares of Aerovate Therapeutics by 610.2% during the 2nd quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock worth $55,000 after acquiring an additional 28,230 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Aerovate Therapeutics by 69.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock valued at $78,000 after acquiring an additional 19,324 shares during the last quarter.

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.