Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Up 9.9% in March

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 993,100 shares, a growth of 9.9% from the March 15th total of 903,700 shares. Based on an average trading volume of 130,200 shares, the short-interest ratio is presently 7.6 days. Approximately 5.8% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AVTE. Wedbush restated an “outperform” rating on shares of Aerovate Therapeutics in a research report on Thursday, April 4th. Jefferies Financial Group began coverage on Aerovate Therapeutics in a research report on Monday, March 25th. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $35.00 price objective on shares of Aerovate Therapeutics in a research report on Monday, April 1st.

Insider Buying and Selling

In related news, insider George A. Eldridge sold 2,016 shares of Aerovate Therapeutics stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $25.02, for a total value of $50,440.32. Following the completion of the sale, the insider now owns 1,960 shares of the company’s stock, valued at $49,039.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Aerovate Therapeutics news, insider Hunter Gillies sold 4,000 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $19.50, for a total transaction of $78,000.00. Following the completion of the sale, the insider now owns 3,251 shares of the company’s stock, valued at $63,394.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider George A. Eldridge sold 2,016 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $25.02, for a total value of $50,440.32. Following the sale, the insider now directly owns 1,960 shares of the company’s stock, valued at approximately $49,039.20. The disclosure for this sale can be found here. Insiders sold 70,670 shares of company stock valued at $1,864,870 over the last 90 days. Company insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake in Aerovate Therapeutics by 49.8% in the first quarter. JPMorgan Chase & Co. now owns 9,007 shares of the company’s stock worth $165,000 after purchasing an additional 2,995 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Aerovate Therapeutics by 28.0% in the first quarter. Bank of New York Mellon Corp now owns 30,487 shares of the company’s stock worth $559,000 after purchasing an additional 6,674 shares in the last quarter. BlackRock Inc. grew its stake in Aerovate Therapeutics by 2.3% in the first quarter. BlackRock Inc. now owns 746,934 shares of the company’s stock worth $13,691,000 after purchasing an additional 17,126 shares in the last quarter. Vanguard Group Inc. grew its stake in Aerovate Therapeutics by 2.5% in the first quarter. Vanguard Group Inc. now owns 480,110 shares of the company’s stock worth $8,801,000 after purchasing an additional 11,795 shares in the last quarter. Finally, American International Group Inc. grew its stake in Aerovate Therapeutics by 21.3% in the first quarter. American International Group Inc. now owns 6,494 shares of the company’s stock worth $119,000 after purchasing an additional 1,140 shares in the last quarter.

Aerovate Therapeutics Trading Down 1.7 %

Shares of AVTE traded down $0.44 during mid-day trading on Tuesday, reaching $24.86. 63,455 shares of the company’s stock traded hands, compared to its average volume of 127,168. The stock’s 50-day moving average is $24.30 and its two-hundred day moving average is $18.97. Aerovate Therapeutics has a 12 month low of $9.41 and a 12 month high of $32.42.

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.