Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Up 7.9% - Time to Buy?

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) rose 7.9% during trading on Friday . The company traded as high as $9.55 and last traded at $9.51. Approximately 171,880 shares traded hands during trading, an increase of 1,288% from the average daily volume of 12,385 shares. The stock had previously closed at $8.81.

Aerovate Therapeutics Stock Down 8.2%

The company has a market capitalization of $251.88 million, a PE ratio of -2.91 and a beta of 0.95. The business's 50 day simple moving average is $8.54 and its 200 day simple moving average is $55.77.

Aerovate Therapeutics (NASDAQ:AVTE - Get Free Report) last posted its quarterly earnings data on Friday, April 25th. The company reported ($3.15) EPS for the quarter, beating analysts' consensus estimates of ($10.50) by $7.35. On average, analysts anticipate that Aerovate Therapeutics, Inc. will post -2.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of hedge funds have recently added to or reduced their stakes in AVTE. Corient Private Wealth LLC bought a new position in shares of Aerovate Therapeutics in the fourth quarter valued at approximately $98,000. JPMorgan Chase & Co. raised its position in shares of Aerovate Therapeutics by 1,021.1% in the fourth quarter. JPMorgan Chase & Co. now owns 67,165 shares of the company's stock valued at $178,000 after purchasing an additional 61,174 shares during the period. Russell Investments Group Ltd. raised its position in shares of Aerovate Therapeutics by 110.7% in the fourth quarter. Russell Investments Group Ltd. now owns 15,184 shares of the company's stock valued at $40,000 after purchasing an additional 7,977 shares during the period. Bank of Montreal Can raised its position in shares of Aerovate Therapeutics by 86.8% in the fourth quarter. Bank of Montreal Can now owns 59,097 shares of the company's stock valued at $157,000 after purchasing an additional 27,453 shares during the period. Finally, ADAR1 Capital Management LLC grew its stake in shares of Aerovate Therapeutics by 720.7% in the fourth quarter. ADAR1 Capital Management LLC now owns 928,016 shares of the company's stock worth $2,459,000 after acquiring an additional 814,941 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.