Aerovate Therapeutics (NASDAQ:AVTE) Trading 3.8% Higher – Here’s Why

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) were up 3.8% during mid-day trading on Thursday . The company traded as high as $23.46 and last traded at $23.21. 713,872 shares were traded during 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 company has a market cap of $672.74 million, a P/E ratio of -7.76 and a beta of 0.95. The business’s fifty day moving average is $19.95 and its two-hundred day moving average is $18.67.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC lifted its holdings in 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 buying an additional 2,779 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Aerovate Therapeutics by 67.3% in the first quarter. Rhumbline Advisers now owns 22,750 shares of the company’s stock valued at $57,000 after acquiring an additional 9,154 shares in the last quarter. Jane Street Group LLC acquired a new position in Aerovate Therapeutics during the first quarter worth about $28,000. Finally, Goldman Sachs Group Inc. grew its position in Aerovate Therapeutics by 12.2% in the first quarter. Goldman Sachs Group Inc. now owns 352,669 shares of the company’s stock worth $885,000 after buying 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).