Aerovate Therapeutics, Inc. (NASDAQ:AVTE) Short Interest Up 9.9% in March

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 993,100 shares, a growth of 9.9% from the March 15th total of 903,700 shares. Based on an average daily volume of 130,200 shares, the short-interest ratio is currently 7.6 days. Currently, 5.8% of the company’s shares are short sold.

Analysts Set New Price Targets

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

Insider Activity at Aerovate Therapeutics

In other Aerovate Therapeutics news, insider George A. Eldridge sold 7,500 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $26.85, for a total value of $201,375.00. Following the completion of the transaction, the insider now owns 1,960 shares in the company, valued at $52,626. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Aerovate Therapeutics news, insider George A. Eldridge sold 7,500 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $26.85, for a total value of $201,375.00. Following the completion of the transaction, the insider now owns 1,960 shares in the company, valued at $52,626. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy P. Noyes sold 10,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,670 shares of company stock worth $1,864,870. Insiders own 19.30% of the company’s stock.

Institutional Trading of Aerovate Therapeutics

Several large investors have recently modified their holdings of the business. BlackRock Inc. grew its position in shares of Aerovate Therapeutics by 2.3% in the first quarter. BlackRock Inc. now owns 746,934 shares of the company’s stock valued at $13,691,000 after purchasing an additional 17,126 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Aerovate Therapeutics by 4.6% in the fourth quarter. Vanguard Group Inc. now owns 626,831 shares of the company’s stock valued at $14,185,000 after purchasing an additional 27,729 shares during the last quarter. FMR LLC lifted its stake in shares of Aerovate Therapeutics by 24.9% during the first quarter. FMR LLC now owns 570,965 shares of the company’s stock valued at $11,516,000 after buying an additional 113,778 shares during the period. Point72 Asset Management L.P. acquired a new stake in Aerovate Therapeutics during the fourth quarter worth approximately $9,991,000. Finally, Vestal Point Capital LP acquired a new stake in Aerovate Therapeutics during the fourth quarter worth approximately $9,052,000.

Aerovate Therapeutics Trading Down 1.7 %

AVTE traded down $0.44 on Tuesday, hitting $24.86. 63,455 shares of the company were exchanged, compared to its average volume of 127,168. The business’s fifty day moving average is $24.30 and its 200 day moving average is $18.97. Aerovate Therapeutics has a fifty-two week low of $9.41 and a fifty-two week high of $32.42.

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.