Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Declines By 60.3%

Belite Bio, Inc (NASDAQ:BLTE) was the target of a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 80,400 shares, a drop of 60.3% from the December 15th total of 202,300 shares. Based on an average trading volume of 72,900 shares, the short-interest ratio is presently 1.1 days.

Institutional Trading of Belite Bio

Hedge funds have recently modified their holdings of the company. Armistice Capital LLC acquired a new position in Belite Bio during the second quarter valued at approximately $6,761,000. JPMorgan Chase & Co. boosted its position in shares of Belite Bio by 7,122.7% during 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 in the last quarter. XTX Topco Ltd bought a new position in shares of Belite Bio during the third quarter worth $253,000. State Street Corp grew its holdings in shares of Belite Bio by 28.2% in the 3rd 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 period. Finally, GAMMA Investing LLC increased its position in shares of 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 in the last quarter. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on BLTE shares. Maxim Group lifted their price objective on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. HC Wainwright lifted their price target on shares of Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th.

Belite Bio Price Performance

Shares of BLTE stock traded up $0.54 during trading hours on Wednesday, reaching $54.90. The company had a trading volume of 64,599 shares, compared to its average volume of 45,478. Belite Bio has a 1-year low of $31.00 and a 1-year high of $86.53. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -49.46 and a beta of -1.56. The company has a 50 day moving average of $67.89 and a 200 day moving average of $57.25.

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

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.