Aerovate Therapeutics, Inc. (NASDAQ:AVTE – Get Free Report)’s share price dropped 1.8% during trading on Thursday . The stock traded as low as $21.48 and last traded at $21.81. 861,567 shares were traded during mid-day trading, an increase of 1,508% from the average session volume of 53,591 shares. The stock had previously closed at $22.22.
Aerovate Therapeutics Stock Performance
The company has a market capitalization of $632.16 million, a price-to-earnings ratio of -7.29 and a beta of 0.95. The business’s 50 day moving average is $21.29 and its 200 day moving average is $17.43.
Institutional Investors Weigh In On Aerovate Therapeutics
A number of large investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its position in shares of 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 acquiring an additional 2,779 shares during the period. Goldman Sachs Group Inc. lifted its position in 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 acquiring an additional 38,300 shares during the period. Jane Street Group LLC acquired a new stake in Aerovate Therapeutics during the 1st quarter worth about $28,000. Finally, Rhumbline Advisers grew its stake in Aerovate Therapeutics by 67.3% during the 1st quarter. Rhumbline Advisers now owns 22,750 shares of the company’s stock valued at $57,000 after purchasing an additional 9,154 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).
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