Traders Purchase Large Volume of Aerovate Therapeutics Call Options (NASDAQ:AVTE)

Aerovate Therapeutics, Inc. (NASDAQ:AVTE) saw some unusual options trading on Thursday. Investors purchased 3,010 call options on the company. This is an increase of approximately 338% compared to the typical daily volume of 687 call options.

Institutional Trading of Aerovate Therapeutics

Several hedge funds have recently made changes to their positions in AVTE. XTX Topco Ltd acquired a new position in shares of Aerovate Therapeutics in the second quarter valued at approximately $35,000. Barclays PLC grew its stake in shares of Aerovate Therapeutics by 310.8% in the third quarter. Barclays PLC now owns 18,972 shares of the company’s stock worth $39,000 after acquiring an additional 14,354 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Aerovate Therapeutics during the second quarter worth $53,000. Quest Partners LLC raised its stake in shares of Aerovate Therapeutics by 610.2% in the second quarter. Quest Partners LLC now owns 32,856 shares of the company’s stock valued at $55,000 after acquiring an additional 28,230 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Aerovate Therapeutics by 69.9% in the second quarter. Bank of New York Mellon Corp now owns 46,988 shares of the company’s stock valued at $78,000 after purchasing an additional 19,324 shares during the period.

Aerovate Therapeutics Stock Up 6.2 %

NASDAQ:AVTE traded up $0.15 during trading hours on Friday, reaching $2.58. 249,881 shares of the stock were exchanged, compared to its average volume of 163,225. Aerovate Therapeutics has a twelve month low of $1.25 and a twelve month high of $32.42. The business has a 50-day moving average of $2.60 and a two-hundred day moving average of $2.20. The company has a market capitalization of $74.50 million, a price-to-earnings ratio of -0.86 and a beta of 1.00.

Aerovate Therapeutics (NASDAQ:AVTE) last posted its earnings results on Tuesday, November 12th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.03. On average, research analysts forecast that Aerovate Therapeutics will post -2.64 EPS for the current fiscal year.

About Aerovate Therapeutics

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops drugs that enhance the lives of patients with rare cardiopulmonary diseases in the United States. It focuses on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension, which is in Phase 2b/Phase 3 trial.