Allostery Investments LP Has $3.57 Million Holdings in Aerovate Therapeutics, Inc. $AVTE

Key Points

• Allostery Investments LP increased its stake in Aerovate Therapeutics by 67.1% in the first quarter, making the stock its 8th largest position, with holdings now worth approximately $3,568,000.
• Aerovate Therapeutics' stock is currently trading at $7.90, down 2.2%, and has a market cap of $228.98 million.
• The company is in the clinical stage, primarily focusing on developing AV-101 for treating pulmonary arterial hypertension, which is currently in trial phases.

Allostery Investments LP raised its stake in Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Free Report) by 67.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,421,568 shares of the company's stock after purchasing an additional 570,884 shares during the period. Aerovate Therapeutics accounts for 5.1% of Allostery Investments LP's holdings, making the stock its 8th biggest holding. Allostery Investments LP owned 4.90% of Aerovate Therapeutics worth $3,568,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. GTS Securities LLC bought a new position in shares of Aerovate Therapeutics in the fourth quarter valued at approximately $27,000. PNC Financial Services Group Inc. increased its position in Aerovate Therapeutics by 8,210.7% in the first quarter. PNC Financial Services Group Inc. now owns 13,962 shares of the company's stock worth $35,000 after buying an additional 13,794 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Aerovate Therapeutics in the fourth quarter valued at $52,000. Rhumbline Advisers grew its position in shares of Aerovate Therapeutics by 67.3% in the first quarter. Rhumbline Advisers now owns 22,750 shares of the company's stock valued at $57,000 after purchasing an additional 9,154 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new stake in Aerovate Therapeutics during the first quarter valued at $67,000.

Aerovate Therapeutics Stock Down 0.1%

NASDAQ:AVTE traded down $0.01 during trading hours on Monday, hitting $7.77. 57,825 shares of the company's stock traded hands, compared to its average volume of 12,438. The firm has a market cap of $225.21 million, a P/E ratio of -2.60 and a beta of 0.95. Aerovate Therapeutics, Inc. has a 52 week low of $56.35 and a 52 week high of $105.00. The business's fifty day simple moving average is $8.43 and its two-hundred day simple moving average is $35.97.

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.