Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Update

Aerovate Therapeutics, Inc. (NASDAQ:AVTE - Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 993,100 shares, an increase of 9.9% from the March 15th total of 903,700 shares. Currently, 5.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 130,200 shares, the days-to-cover ratio is currently 7.6 days.

Aerovate Therapeutics Price Performance

Shares of NASDAQ AVTE traded up $0.06 during midday trading on Monday, hitting $25.30. The stock had a trading volume of 106,784 shares, compared to its average volume of 128,078. The firm has a market cap of $704.86 million, a P/E ratio of -8.78 and a beta of 1.23. Aerovate Therapeutics has a fifty-two week low of $9.41 and a fifty-two week high of $32.42. The company's 50-day simple moving average is $24.30 and its 200 day simple moving average is $18.97.

Insider Activity at Aerovate Therapeutics

In other news, insider Benjamin T. Dake sold 3,432 shares of the company's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $28.01, for a total value of $96,130.32. Following the sale, the insider now owns 1,291 shares of the company's stock, valued at approximately $36,160.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Benjamin T. Dake sold 3,432 shares of Aerovate Therapeutics stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $28.01, for a total value of $96,130.32. Following the completion of the transaction, the insider now owns 1,291 shares in the company, valued at $36,160.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ralph Niven sold 4,600 shares of the business's stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $17.45, for a total value of $80,270.00. Following the completion of the transaction, the insider now directly owns 1,609 shares in the company, valued at $28,077.05. The disclosure for this sale can be found here. Insiders have sold a total of 70,670 shares of company stock valued at $1,864,870 in the last 90 days. 19.30% of the stock is owned by corporate insiders.

Institutional Trading of Aerovate Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alps Advisors Inc. boosted its stake in shares of Aerovate Therapeutics by 11.3% in the 3rd quarter. Alps Advisors Inc. now owns 20,395 shares of the company's stock valued at $277,000 after purchasing an additional 2,075 shares during the last quarter. Swiss National Bank lifted its holdings in Aerovate Therapeutics by 30.9% in the third quarter. Swiss National Bank now owns 21,201 shares of the company's stock valued at $288,000 after buying an additional 5,000 shares during the period. Silverarc Capital Management LLC bought a new position in Aerovate Therapeutics in the third quarter valued at approximately $1,357,000. Barclays PLC grew its holdings in Aerovate Therapeutics by 22.0% during the 1st quarter. Barclays PLC now owns 4,720 shares of the company's stock worth $94,000 after acquiring an additional 850 shares during the period. Finally, Royal Bank of Canada raised its position in shares of Aerovate Therapeutics by 148.2% during the 4th quarter. Royal Bank of Canada now owns 3,475 shares of the company's stock valued at $79,000 after acquiring an additional 2,075 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AVTE. Wedbush restated an "outperform" rating on shares of Aerovate Therapeutics in a research note on Thursday, April 4th. Jefferies Financial Group started coverage on shares of Aerovate Therapeutics in a research report on Monday, March 25th. They issued a "buy" rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $35.00 target price on shares of Aerovate Therapeutics in a research report on Monday, April 1st.

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.