Belite Bio, Inc (NASDAQ:BLTE) Sees Large Decline in Short Interest

Belite Bio, Inc (NASDAQ:BLTE) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 80,400 shares, a drop of 60.3% from the December 15th total of 202,300 shares. Based on an average trading volume of 72,900 shares, the short-interest ratio is currently 1.1 days.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Maxim Group lifted their target price on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 15th. HC Wainwright lifted their price objective on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently made changes to their positions in the business. Armistice Capital LLC purchased a new stake in Belite Bio during the second quarter valued at approximately $6,761,000. GAMMA Investing LLC increased its stake in shares of Belite Bio by 103.5% in the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 443 shares in the last quarter. State Street Corp lifted its position in Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares in the last quarter. XTX Topco Ltd purchased a new stake in Belite Bio in the third quarter worth about $253,000. Finally, JPMorgan Chase & Co. increased its holdings in Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring an additional 6,268 shares in the last quarter. Institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Up 1.4 %

Shares of NASDAQ BLTE traded up $0.80 during midday trading on Tuesday, hitting $56.36. The stock had a trading volume of 6,077 shares, compared to its average volume of 38,295. The business’s 50 day moving average is $68.21 and its 200-day moving average is $57.19. Belite Bio has a 52 week low of $31.00 and a 52 week high of $86.53. The company has a market cap of $1.74 billion, a P/E ratio of -50.77 and a beta of -1.56.

Belite Bio (NASDAQ:BLTE) last issued its earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period in the previous year, the company earned ($0.40) EPS. As a group, analysts expect that Belite Bio will post -1.21 EPS for the current fiscal year.

About Belite Bio

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company’s lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.