Belite Bio, Inc (NASDAQ:BLTE) Short Interest Update

Belite Bio, Inc (NASDAQ:BLTE) saw a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 36,100 shares, a decline of 22.9% from the May 31st total of 46,800 shares. Based on an average daily volume of 51,900 shares, the short-interest ratio is currently 0.7 days.

Belite Bio Price Performance

BLTE stock traded down $0.82 during mid-day trading on Friday, reaching $45.68. 12,982 shares of the company traded hands, compared to its average volume of 79,004. Belite Bio has a 52-week low of $12.53 and a 52-week high of $50.15. The company has a market capitalization of $1.36 billion, a P/E ratio of -38.71 and a beta of -1.43. The company has a fifty day moving average price of $45.18 and a 200-day moving average price of $44.16.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.07. As a group, analysts forecast that Belite Bio will post -1.08 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Jump Financial LLC purchased a new position in Belite Bio, Inc (NASDAQ:BLTE) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,200 shares of the company’s stock, valued at approximately $238,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BLTE shares. Benchmark reissued a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research report on Thursday, May 16th. HC Wainwright restated a “buy” rating and set a $59.00 price target on shares of Belite Bio in a report on Thursday, June 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a research report on Thursday, June 20th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $44.83.

Belite Bio Company Profile

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.