Aerovate Therapeutics Inc (NASDAQ:AVTE) price on Thursday, March 28, rose 3.75% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $29.57.
A look at the stock’s price movement, the close in the last trading session was $28.50. The beta value (5-Year monthly) was 1.17. Turning to its 52-week performance, $29.36 and $9.41 were the 52-week high and 52-week low respectively. Overall, AVTE moved 28.06% over the past month.
Aerovate Therapeutics Inc’s market cap currently stands at around $823.82 million, with investors looking forward to this quarter’s earnings report slated for May 13, 2024 – May 17, 2024. Analysts project the company’s earnings per share (EPS) to be -$0.75, which has seen fiscal year 2024 EPS growth forecast to increase to -$2.86 and about -$2.92 for fiscal year 2025. Per the data, EPS growth is expected to be 0.30% for 2024 and -2.10% for the next financial year.
Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was 1 upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that AVTE is a 100% Buy. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
AVTE’s current price about 17.16% and 34.57% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 65.85, while 7-day volatility ratio is 10.27% and 9.76% in the 30-day chart. Further, Aerovate Therapeutics Inc (AVTE) has a beta value of 1.22, and an average true range (ATR) of 2.41.
If we refocus on Aerovate Therapeutics Inc (NASDAQ:AVTE), historical trading data shows that trading volumes averaged 0.24 million over the past 10 days and 117.55K over the past 3 months. The company’s latest data on shares outstanding shows there are 27.76 million shares.
The 38.39% of Aerovate Therapeutics Inc’s shares are in the hands of company insiders while institutional holders own 65.28% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 0.9 million on Mar 15, 2024, giving us a short ratio of 8.35. The data shows that as of Mar 15, 2024 short interest in Aerovate Therapeutics Inc (AVTE) stood at 3.26% of shares outstanding, with shares short falling to 1.12 million registered in Feb 15, 2024. Current price change has pushed the stock 30.67% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the AVTE stock continues to rise going into the next quarter.