Aerovate Therapeutics, Inc. (NASDAQ:AVTE – Get Rating) was the target of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 1,680,000 shares, an increase of 33.3% from the November 30th total of 1,260,000 shares. Approximately 10.3% of the shares of the company are sold short. Based on an average trading volume of 122,200 shares, the short-interest ratio is presently 13.7 days.
Analysts Set New Price Targets
Several analysts have recently commented on the stock. BTIG Research upgraded shares of Aerovate Therapeutics from a "neutral" rating to a "buy" rating and set a $27.00 target price for the company in a research note on Tuesday, December 6th. Wedbush raised their target price on shares of Aerovate Therapeutics from $27.00 to $54.00 in a research note on Monday, December 12th.
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Aerovate Therapeutics Stock Performance
NASDAQ:AVTE traded up $0.84 during trading hours on Friday, hitting $29.30. The company's stock had a trading volume of 137,671 shares, compared to its average volume of 195,724. The business's 50-day moving average is $21.60 and its two-hundred day moving average is $19.41. The company has a market capitalization of $715.21 million, a PE ratio of -18.66 and a beta of 1.34. Aerovate Therapeutics has a 52-week low of $7.74 and a 52-week high of $30.79.
Aerovate Therapeutics (NASDAQ:AVTE – Get Rating) last released its quarterly earnings data on Monday, November 14th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.50) by ($0.06). As a group, analysts predict that Aerovate Therapeutics will post -2.07 EPS for the current fiscal year.
Insider Transactions at Aerovate Therapeutics
In related news, insider Ralph Niven sold 2,250 shares of the company's stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $15.75, for a total value of $35,437.50. Following the completion of the sale, the insider now owns 1,609 shares in the company, valued at approximately $25,341.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Ralph Niven sold 2,250 shares of the stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $15.75, for a total transaction of $35,437.50. Following the completion of the sale, the insider now owns 1,609 shares in the company, valued at approximately $25,341.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Timothy P. Noyes sold 15,000 shares of the stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $18.00, for a total transaction of $270,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,228 shares of company stock worth $1,634,121. Insiders own 17.80% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. increased its holdings in Aerovate Therapeutics by 21.3% in the first quarter. American International Group Inc. now owns 6,494 shares of the company's stock valued at $119,000 after buying an additional 1,140 shares in the last quarter. Amalgamated Bank purchased a new position in Aerovate Therapeutics in the first quarter valued at about $27,000. UBS Group AG purchased a new position in Aerovate Therapeutics in the third quarter valued at about $26,000. Russell Investments Group Ltd. purchased a new position in Aerovate Therapeutics in the second quarter valued at about $32,000. Finally, Bank of New York Mellon Corp increased its holdings in Aerovate Therapeutics by 9.9% in the third quarter. Bank of New York Mellon Corp now owns 27,546 shares of the company's stock valued at $457,000 after buying an additional 2,479 shares in the last quarter.
About Aerovate Therapeutics
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Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of drugs that enhance the lives of patients with rare cardiopulmonary diseases in the United States. The company 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.
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