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

Shares of Aerovate Therapeutics, Inc. (NASDAQ:AVTE) dropped 1.8% on Thursday . The company traded as low as $21.48 and last traded at $21.81. 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 Price Performance

The firm has a market capitalization of $632.16 million, a P/E ratio of -7.29 and a beta of 0.95. The stock’s fifty day simple moving average is $21.29 and its 200 day simple moving average is $17.43.

Institutional Investors Weigh In On Aerovate Therapeutics

Institutional investors have recently bought and sold shares of the company. Rhumbline Advisers grew its holdings in Aerovate Therapeutics by 67.3% in the first 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. Goldman Sachs Group Inc. increased 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 valued at $885,000 after buying an additional 38,300 shares in the last quarter. AQR Capital Management LLC increased its position in Aerovate Therapeutics by 14.7% during 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 in the last quarter. Finally, Jane Street Group LLC purchased a new stake in Aerovate Therapeutics in the first quarter valued at about $28,000.

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).