Belite Bio, Inc (NASDAQ:BLTE) Sees Large Drop in Short Interest

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

Belite Bio Stock Performance

Shares of NASDAQ:BLTE traded up $0.42 during mid-day trading on Wednesday, hitting $58.80. The stock had a trading volume of 48,082 shares, compared to its average volume of 50,451. The company's 50 day moving average is $60.84 and its 200-day moving average is $62.76. Belite Bio has a 12-month low of $33.85 and a 12-month high of $86.53. The company has a market cap of $1.87 billion, a PE ratio of -52.97 and a beta of -1.52.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). On average, equities research analysts predict that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Trading of Belite Bio

Several institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its stake in Belite Bio by 43.3% in the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock valued at $122,000 after buying an additional 559 shares during the period. Bank of America Corp DE raised its holdings in Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after buying an additional 4,891 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio in the fourth quarter worth about $155,000. XTX Topco Ltd boosted its stake 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 worth $446,000 after acquiring an additional 1,668 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock valued at $924,000 after acquiring an additional 8,280 shares during the last quarter. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BLTE has been the subject of several research reports. HC Wainwright restated a "buy" rating and set a $100.00 price objective on shares of Belite Bio in a research report on Tuesday, March 18th. Cantor Fitzgerald restated an "overweight" rating on shares of Belite Bio in a research report on Tuesday, March 18th. Finally, Benchmark reiterated a "buy" rating and set a $80.00 price objective on shares of Belite Bio in a research report on Wednesday, March 26th.

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.