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

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

Analysts Set New Price Targets

A number of analysts have weighed in on the company. HC Wainwright upped their price target on 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 stock a “buy” rating in a research report on Friday, November 15th.

Belite Bio Stock Up 1.8 %

BLTE stock traded up $1.13 during midday trading on Tuesday, reaching $63.10. 14,844 shares of the company’s stock traded hands, compared to its average volume of 55,467. The company has a 50-day simple moving average of $69.60 and a two-hundred day simple moving average of $56.45. Belite Bio has a 1-year low of $31.00 and a 1-year high of $86.53. The company has a market cap of $1.95 billion, a price-to-earnings ratio of -56.85 and a beta of -1.64.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same period last year, the business earned ($0.40) earnings per share. Equities research analysts forecast that Belite Bio will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

A number of large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in Belite Bio by 103.5% in the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 443 shares during the last quarter. XTX Topco Ltd bought a new position in Belite Bio in the third quarter valued at about $253,000. JPMorgan Chase & Co. increased its position in 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 purchasing an additional 6,268 shares during the period. State Street Corp raised its holdings in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after purchasing an additional 4,415 shares during the last quarter. Finally, Armistice Capital LLC bought a new position in shares of Belite Bio in the 2nd quarter valued at about $6,761,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.