Aerovate Therapeutics (NASDAQ:AVTE) Trading Up 1.8% – Still a Buy?

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) was up 1.8% during mid-day trading on Thursday . The company traded as high as $22.00 and last traded at $21.40. Approximately 506,170 shares traded 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 Up 1.8%

The business’s 50 day moving average is $21.44 and its 200 day moving average is $19.36. The company has a market cap of $620.28 million, a P/E ratio of -7.16 and a beta of 0.95.

Hedge Funds Weigh In On Aerovate Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new stake in shares of Aerovate Therapeutics during the first quarter worth about $28,000. AQR Capital Management LLC raised 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 purchasing an additional 2,779 shares during the last quarter. Rhumbline Advisers increased 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 in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of 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).