Aerovate Therapeutics (NASDAQ:AVTE) Stock Price Up 1.8% – Here’s What Happened

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) shares rose 1.8% on Thursday . The stock traded as high as $22.00 and last traded at $21.40. 506,170 shares changed hands during trading, an increase of 845% from the average daily volume of 53,591 shares. The stock had previously closed at $21.02.

Aerovate Therapeutics Stock Performance

The stock has a market cap of $576.80 million, a price-to-earnings ratio of -6.66 and a beta of 0.95. The company has a 50-day moving average of $21.40 and a 200-day moving average of $19.36.

Institutional Investors Weigh In On Aerovate Therapeutics

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC increased 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 valued at $54,000 after buying an additional 2,779 shares during the period. Rhumbline Advisers lifted its stake in shares of Aerovate Therapeutics by 67.3% in the 1st quarter. Rhumbline Advisers now owns 22,750 shares of the company’s stock worth $57,000 after acquiring an additional 9,154 shares during the period. Jane Street Group LLC purchased a new stake in shares of Aerovate Therapeutics in the first quarter valued at about $28,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Aerovate Therapeutics by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 352,669 shares of the company’s stock worth $885,000 after acquiring an additional 38,300 shares during the period.

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).