Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 21.5% in March

Belite Bio, Inc (NASDAQ:BLTE) saw a large drop in short interest in March. As of March 31st, there was short interest totalling 70,000 shares, a drop of 21.5% from the March 15th total of 89,200 shares. Currently, 0.3% of the shares of the stock are short sold. Based on an average daily volume of 42,500 shares, the short-interest ratio is presently 1.6 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BLTE. State Street Corp increased its position in shares of Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Belite Bio by 7,122.7% during the 3rd 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. GAMMA Investing LLC grew its position in shares of Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after buying an additional 419 shares during the period. Advisors Preferred LLC bought a new stake in shares of Belite Bio in the 4th quarter valued at $52,000. Finally, XTX Topco Ltd lifted its position in shares of Belite Bio by 30.9% during the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock valued at $446,000 after acquiring an additional 1,668 shares during the period. Institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Down 1.5 %

NASDAQ BLTE traded down $0.88 on Friday, hitting $56.40. The company’s stock had a trading volume of 20,439 shares, compared to its average volume of 50,475. The company’s 50-day moving average is $60.81 and its 200 day moving average is $62.68. The firm has a market cap of $1.80 billion, a PE ratio of -50.81 and a beta of -1.52. Belite Bio has a 1-year low of $32.50 and a 1-year high of $86.53.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). On average, equities analysts expect that Belite Bio will post -1.17 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BLTE. HC Wainwright reissued a “buy” rating and issued a $100.00 price objective on shares of Belite Bio in a research note on Tuesday, March 18th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a research note on Tuesday, March 18th. Finally, Benchmark restated a “buy” rating and set a $80.00 price objective on shares of Belite Bio in a research report on Wednesday, March 26th.

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.