Aerovate Therapeutics (NASDAQ:AVTE) Shares Up 2.3% - Here's What Happened

Key Points

• Aerovate Therapeutics stock rose by 2.3% to $7.49, with trading volume increasing significantly by 525% compared to its average daily volume.
• The company has a market capitalization of $217.10 million and is developing treatments for rare cardiopulmonary diseases, particularly focusing on a Phase 2b/Phase 3 trial for AV-101.
• Recent institutional investments include GTS Securities and PNC Financial Services, highlighting growing interest in Aerovate's stock.

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report)'s stock price rose 2.3% on Monday . The stock traded as high as $7.58 and last traded at $7.49. Approximately 77,779 shares were traded during trading, an increase of 525% from the average daily volume of 12,438 shares. The stock had previously closed at $7.32.

Aerovate Therapeutics Trading Down 0.8%

The stock has a market capitalization of $212.46 million, a P/E ratio of -2.45 and a beta of 0.95. The company has a fifty day simple moving average of $8.65 and a two-hundred day simple moving average of $46.05.

Institutional Trading of Aerovate Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVTE. JPMorgan Chase & Co. raised its holdings in Aerovate Therapeutics by 1,021.1% during the 4th quarter. JPMorgan Chase & Co. now owns 67,165 shares of the company's stock worth $178,000 after purchasing an additional 61,174 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Aerovate Therapeutics by 110.7% in the 4th quarter. Russell Investments Group Ltd. now owns 15,184 shares of the company's stock valued at $40,000 after acquiring an additional 7,977 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Aerovate Therapeutics by 86.8% in the 4th quarter. Bank of Montreal Can now owns 59,097 shares of the company's stock valued at $157,000 after acquiring an additional 27,453 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Aerovate Therapeutics by 149.2% in the 4th quarter. Renaissance Technologies LLC now owns 44,600 shares of the company's stock valued at $118,000 after acquiring an additional 26,700 shares during the last quarter. Finally, Scotia Capital Inc. bought a new stake in shares of Aerovate Therapeutics in the 4th quarter valued at about $99,000.

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.