Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Declines By 12.9%

Belite Bio, Inc (NASDAQ:BLTE) was the target of a large decline in short interest in December. As of December 15th, there was short interest totalling 202,300 shares, a decline of 12.9% from the November 30th total of 232,300 shares. Based on an average trading volume of 72,000 shares, the days-to-cover ratio is currently 2.8 days.

Belite Bio Trading Down 1.5 %

NASDAQ BLTE traded down $0.95 on Friday, hitting $62.00. 26,423 shares of the company traded hands, compared to its average volume of 55,613. The business’s 50 day moving average price is $69.51 and its 200-day moving average price is $56.36. Belite Bio has a 52-week low of $31.00 and a 52-week high of $86.53. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -55.86 and a beta of -1.64.

Belite Bio (NASDAQ:BLTE) last issued its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same quarter in the prior year, the company posted ($0.40) earnings per share. As a group, sell-side analysts predict that Belite Bio will post -1.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. HC Wainwright upped their price target on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Maxim Group increased their target price on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 15th.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in 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. XTX Topco Ltd bought a new stake in shares of Belite Bio in the third quarter worth about $253,000. JPMorgan Chase & Co. lifted its position in shares of Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after buying an additional 6,268 shares in the last quarter. State Street Corp boosted its stake 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 buying an additional 4,415 shares during the last quarter. Finally, Armistice Capital LLC purchased a new position in Belite Bio during the 2nd quarter valued at approximately $6,761,000. Institutional investors own 0.53% of the company’s stock.

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.