Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Down 1.8% – What’s Next?

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was down 1.8% during trading on Thursday . The stock traded as low as $21.48 and last traded at $21.81. Approximately 861,567 shares traded hands during trading, an increase of 1,508% from the average daily volume of 53,591 shares. The stock had previously closed at $22.22.

Aerovate Therapeutics Stock Down 1.4%

The business’s 50 day simple moving average is $21.26 and its 200 day simple moving average is $17.45. The company has a market capitalization of $623.47 million, a PE ratio of -7.19 and a beta of 0.95.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in Aerovate Therapeutics by 12.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 352,669 shares of the company’s stock valued at $885,000 after purchasing an additional 38,300 shares during the period. Jane Street Group LLC purchased a new position in shares of Aerovate Therapeutics during the first quarter valued at $28,000. Rhumbline Advisers raised its position in Aerovate Therapeutics by 67.3% during the first quarter. Rhumbline Advisers now owns 22,750 shares of the company’s stock valued at $57,000 after buying an additional 9,154 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Aerovate Therapeutics by 14.7% in the 1st quarter. AQR Capital Management LLC now owns 21,633 shares of the company’s stock worth $54,000 after acquiring an additional 2,779 shares in the last quarter.

Aerovate Therapeutics Company Profile

Aerovate Therapeutics is a clinical-stage biopharmaceutical company focused on developing inhaled therapies for patients with debilitating pulmonary diseases. By leveraging a proprietary aerosol delivery platform, the company aims to deliver potent small-molecule anti-fibrotic and anti-inflammatory agents directly to the lungs, thereby maximizing local drug exposure while minimizing systemic side effects.

The company’s lead product candidate is an inhaled formulation of an established anti-fibrotic agent currently in early-phase clinical trials for the treatment of idiopathic pulmonary fibrosis (IPF).