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

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) saw a large decrease in short interest in the month of January. As of January 15th, there was short interest totalling 80,400 shares, a decrease of 60.3% from the December 31st total of 202,300 shares. Based on an average daily volume of 72,900 shares, the days-to-cover ratio is presently 1.1 days.

Belite Bio Price Performance

NASDAQ BLTE traded down $1.56 during mid-day trading on Friday, hitting $58.04. The stock had a trading volume of 34,161 shares, compared to its average volume of 38,811. Belite Bio has a twelve month low of $31.00 and a twelve month high of $86.53. The firm's 50 day moving average is $61.56 and its 200 day moving average is $58.08. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -52.29 and a beta of -1.56.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same quarter in the previous year, the company earned ($0.40) earnings per share. As a group, equities research analysts expect that Belite Bio will post -1.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BLTE. HC Wainwright lifted their price target on shares of Belite Bio from $60.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Benchmark lifted their target price on shares of Belite Bio from $57.00 to $79.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Finally, Maxim Group upped their price target 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.

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently made changes to their positions in BLTE. Advisors Preferred LLC acquired a new position in Belite Bio during the fourth quarter worth $52,000. GAMMA Investing LLC raised its holdings in shares of Belite Bio by 103.5% during the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company's stock worth $41,000 after acquiring an additional 443 shares during the period. XTX Topco Ltd acquired a new position in shares of Belite Bio during the 3rd quarter valued at about $253,000. JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company's stock valued at $298,000 after purchasing an additional 6,268 shares during the period. Finally, State Street Corp increased its position in 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 purchasing an additional 4,415 shares during the last quarter. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

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.