Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 13.5% in October

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) was the recipient of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 234,000 shares, a decrease of 13.5% from the October 15th total of 270,600 shares. Based on an average daily trading volume, of 52,000 shares, the days-to-cover ratio is presently 4.5 days.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Maxim Group increased their price objective on Belite Bio from $60.00 to $110.00 and gave the company a "buy" rating in a report on Friday. Benchmark reissued a "buy" rating and set a $57.00 price objective on shares of Belite Bio in a report on Tuesday, August 13th. Finally, HC Wainwright upped their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday.

Institutional Investors Weigh In On Belite Bio

Several hedge funds have recently made changes to their positions in BLTE. GAMMA Investing LLC lifted its position in 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. State Street Corp grew its position in 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 last quarter. XTX Topco Ltd acquired a new position in Belite Bio in the 3rd quarter valued at $253,000. Finally, Armistice Capital LLC purchased a new position in Belite Bio during the 2nd quarter worth $6,761,000. Institutional investors and hedge funds own 0.53% of the company's stock.

Belite Bio Stock Down 1.0 %

BLTE traded down $0.85 during trading on Friday, hitting $82.81. 64,005 shares of the stock were exchanged, compared to its average volume of 54,671. Belite Bio has a 1-year low of $31.00 and a 1-year high of $86.53. The stock has a fifty day moving average price of $59.22 and a two-hundred day moving average price of $51.53. The firm has a market capitalization of $2.53 billion, a P/E ratio of -74.60 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same quarter in the previous year, the company posted ($0.40) earnings per share. Analysts predict that Belite Bio will post -1.19 EPS for the current 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.