Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Down 20.9% in September

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw a significant decline in short interest in September. As of September 30th, there was short interest totalling 846,500 shares, a decline of 20.9% from the September 15th total of 1,070,000 shares. Based on an average trading volume of 284,900 shares, the short-interest ratio is currently 3.0 days. Approximately 4.3% of the company’s stock are sold short.

Hedge Funds Weigh In On Aerovate Therapeutics

Large investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new stake in Aerovate Therapeutics in the 2nd quarter worth approximately $53,000. Deerfield Management Company L.P. Series C bought a new stake in Aerovate Therapeutics during the second quarter valued at $2,343,000. Affinity Asset Advisors LLC purchased a new position in Aerovate Therapeutics during the second quarter worth about $332,000. XTX Topco Ltd bought a new position in Aerovate Therapeutics in the 2nd quarter worth about $35,000. Finally, Warberg Asset Management LLC purchased a new stake in shares of Aerovate Therapeutics in the 2nd quarter valued at about $111,000.

Aerovate Therapeutics Stock Performance

AVTE traded up $0.01 during midday trading on Monday, reaching $2.14. The company had a trading volume of 95,284 shares, compared to its average volume of 486,325. Aerovate Therapeutics has a 12-month low of $1.25 and a 12-month high of $32.42. The business has a 50-day moving average price of $1.90 and a two-hundred day moving average price of $9.94. The stock has a market cap of $61.68 million, a PE ratio of -0.70 and a beta of 1.04.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on AVTE. Wedbush lowered Aerovate Therapeutics from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $41.00 to $3.00 in a report on Monday, June 17th. TD Cowen lowered shares of Aerovate Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Evercore ISI cut shares of Aerovate Therapeutics from an “outperform” rating to an “inline” rating and cut their price target for the stock from $27.00 to $2.00 in a report on Tuesday, June 18th. Jefferies Financial Group reiterated a “hold” rating and issued a $2.00 price objective (down previously from $65.00) on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Finally, Guggenheim restated a “neutral” rating on shares of Aerovate Therapeutics in a research note on Monday, June 17th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, Aerovate Therapeutics has a consensus rating of “Hold” and an average price target of $2.25.

Aerovate Therapeutics Company Profile

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.