- The stock price of Aerovate Therapeutics Inc (NASDAQ: AVTE) increased by over 19% today. These are some details you should know.
The stock price of Aerovate Therapeutics Inc (NASDAQ: AVTE) – a clinical-stage biopharmaceutical company that focuses on developing drugs that enhance the lives of patients with rare cardiopulmonary disease – increased by over 19% today. There were no company-specific reports that drove the stock price up so it appears there are external factors at play.
Investors in stock trading groups on Discord and Facebook appear to have driven a short squeeze on the company shares. Investors on those platforms cited Aerovate Therapeutics as being a low float with a high percentage of the float being shorted.
The volume of Aerovate Therapeutics shares traded was more than 18 times the daily average today. The company focuses on advancing AV-101, which is a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension.
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