Aerovate Therapeutics (NASDAQ:AVTE) Trading Down 3.3% – Here’s What Happened

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) dropped 3.3% during mid-day trading on Thursday . The stock traded as low as $19.58 and last traded at $19.85. Approximately 782,830 shares were traded during mid-day trading, an increase of 1,361% from the average session volume of 53,591 shares. The stock had previously closed at $20.53.

Aerovate Therapeutics Trading Down 1.2%

The business has a fifty day moving average of $20.05 and a 200-day moving average of $17.99. The company has a market cap of $568.69 million, a PE ratio of -6.56 and a beta of 0.95.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its holdings in Aerovate Therapeutics by 14.7% in the first 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 period. Rhumbline Advisers lifted its position in Aerovate Therapeutics by 67.3% during the first quarter. Rhumbline Advisers now owns 22,750 shares of the company’s stock valued at $57,000 after buying an additional 9,154 shares during the period. Jane Street Group LLC purchased a new position in Aerovate Therapeutics during the first quarter valued at $28,000. Finally, Goldman Sachs Group Inc. boosted its holdings 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 valued at $885,000 after buying an additional 38,300 shares in 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).