Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Expands By 10.7%

Belite Bio, Inc (NASDAQ:BLTE) was the target of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 315,200 shares, a growth of 10.7% from the July 15th total of 284,700 shares. Based on an average daily trading volume, of 53,800 shares, the short-interest ratio is presently 5.9 days.

Hedge Funds Weigh In On Belite Bio

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC acquired a new position in shares of Belite Bio, Inc (NASDAQ:BLTE) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned 0.13% of Belite Bio at the end of the most recent reporting period. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Up 0.1 %

NASDAQ BLTE traded up $0.05 during trading hours on Friday, hitting $49.95. 18,701 shares of the stock were exchanged, compared to its average volume of 53,877. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -42.33 and a beta of -1.47. Belite Bio has a 12-month low of $21.01 and a 12-month high of $50.66. The stock has a 50-day moving average of $48.51 and a 200 day moving average of $45.01.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. HC Wainwright raised their price target on Belite Bio from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a research note on Thursday, June 20th. Finally, Benchmark restated a “buy” rating and set a $57.00 price target on shares of Belite Bio in a research note on Tuesday.

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.