Aerovate Therapeutics, Inc. (NASDAQ:AVTE – Get Free Report) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,230,000 shares, a drop of 8.9% from the October 15th total of 1,350,000 shares. Based on an average trading volume of 72,900 shares, the days-to-cover ratio is presently 16.9 days. Currently, 7.1% of the shares of the company are sold short.
Wall Street Analysts Forecast Growth
Separately, Wedbush restated an “outperform” rating and issued a $48.00 price target on shares of Aerovate Therapeutics in a research report on Tuesday.
Aerovate Therapeutics Stock Performance
Insider Buying and Selling
In other news, insider Benjamin T. Dake sold 3,931 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $15.06, for a total value of $59,200.86. Following the sale, the insider now directly owns 1,291 shares in the company, valued at approximately $19,442.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 5,993 shares of company stock valued at $80,726. 19.30% of the stock is owned by company insiders.
Institutional Investors Weigh In On Aerovate Therapeutics
A number of large investors have recently bought and sold shares of the stock. Legal & General Group Plc boosted its holdings in shares of Aerovate Therapeutics by 33.2% during the third quarter. Legal & General Group Plc now owns 7,692 shares of the company’s stock worth $104,000 after purchasing an additional 1,918 shares during the last quarter. Alps Advisors Inc. boosted its holdings in shares of Aerovate Therapeutics by 11.3% during the third quarter. Alps Advisors Inc. now owns 20,395 shares of the company’s stock worth $277,000 after purchasing an additional 2,075 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Aerovate Therapeutics by 11.3% during the third quarter. California State Teachers Retirement System now owns 11,012 shares of the company’s stock worth $149,000 after purchasing an additional 1,116 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Aerovate Therapeutics by 25.5% during the third quarter. Northern Trust Corp now owns 110,443 shares of the company’s stock worth $1,499,000 after purchasing an additional 22,446 shares during the last quarter. Finally, Silverarc Capital Management LLC acquired a new stake in shares of Aerovate Therapeutics during the third quarter worth $1,357,000.
Aerovate Therapeutics Company Profile
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. 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.
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