Aerovate Therapeutics (NASDAQ:AVTE) Shares Up 3.8% – What’s Next?

Aerovate Therapeutics, Inc. (NASDAQ:AVTE)’s stock price rose 3.8% on Thursday . The stock traded as high as $23.46 and last traded at $23.21. 713,872 shares traded hands during mid-day trading, an increase of 1,232% from the average daily volume of 53,591 shares. The stock had previously closed at $22.35.

Aerovate Therapeutics Stock Performance

The firm’s 50 day moving average price is $20.08 and its two-hundred day moving average price is $18.70. The firm has a market cap of $716.22 million, a PE ratio of -8.26 and a beta of 0.95.

Institutional Inflows and Outflows

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

About Aerovate Therapeutics

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).