Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE – Get Free Report) were down 12.2% during trading on Thursday. The stock traded as low as $14.58 and last traded at $14.71. Approximately 1,464,714 shares were traded during mid-day trading, an increase of 2,633% from the average session volume of 53,591 shares. The stock had previously closed at $16.76.
Aerovate Therapeutics Price Performance
The stock’s 50-day moving average is $20.29 and its two-hundred day moving average is $19.75. The stock has a market cap of $426.37 million, a P/E ratio of -4.92 and a beta of 0.95.
About Aerovate Therapeutics
Aerovate Therapeutics, Inc was a clinical-stage biotechnology company focused on developing therapies for serious pulmonary vascular diseases. The company’s primary product candidate was AV-101, an inhaled dry-powder formulation of imatinib designed to deliver treatment directly to the lungs while limiting systemic exposure.
AV-101 was developed for pulmonary arterial hypertension, a progressive disorder involving elevated blood pressure in the arteries of the lungs. Aerovate evaluated the candidate in the Phase 2b IMPAHCT clinical trial, but reported that the study did not meet its primary endpoint in 2024.
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