Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 9.2% in January

Belite Bio, Inc (NASDAQ:BLTE) saw a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 63,800 shares, a decrease of 9.2% from the January 15th total of 70,300 shares. Based on an average trading volume of 59,400 shares, the short-interest ratio is presently 1.1 days.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BLTE. Advisors Preferred LLC purchased a new position in shares of Belite Bio during the fourth quarter worth $52,000. GAMMA Investing LLC grew its position in Belite Bio by 48.1% during the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after buying an additional 419 shares during the period. BNP Paribas Financial Markets acquired a new stake in Belite Bio during the fourth quarter valued at $155,000. XTX Topco Ltd acquired a new stake in Belite Bio during the third quarter valued at $253,000. Finally, JPMorgan Chase & Co. grew its position in Belite Bio by 7,122.7% during the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after buying an additional 6,268 shares during the period. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Trading Down 1.0 %

NASDAQ BLTE opened at $56.00 on Tuesday. The company has a fifty day simple moving average of $59.28 and a two-hundred day simple moving average of $58.74. Belite Bio has a 12-month low of $31.00 and a 12-month high of $86.53. The stock has a market cap of $1.78 billion, a P/E ratio of -50.45 and a beta of -1.59.

Analyst Upgrades and Downgrades

BLTE has been the subject of a number of analyst reports. HC Wainwright increased their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Maxim Group increased their target price on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Benchmark raised their price target on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st.

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.