Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Declines By 13.5%

Belite Bio, Inc (NASDAQ:BLTE) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 234,000 shares, a drop 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 brokerages have commented on BLTE. Benchmark reaffirmed a “buy” rating and set a $57.00 target price on shares of Belite Bio in a report on Tuesday, August 13th. HC Wainwright lifted their target price on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Maxim Group lifted their price objective on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday.

Institutional Trading of Belite Bio

Several hedge funds have recently bought and sold shares of BLTE. Armistice Capital LLC bought a new stake in shares of Belite Bio in the second quarter worth about $6,761,000. GAMMA Investing LLC increased its stake in Belite Bio by 103.5% in 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 last quarter. State Street Corp raised its holdings in shares of Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Belite Bio during the 3rd quarter valued at approximately $253,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Down 1.0 %

Shares of BLTE traded down $0.85 during trading hours on Friday, reaching $82.81. 64,005 shares of the stock traded hands, compared to its average volume of 109,315. The company’s 50-day moving average price is $59.22 and its two-hundred day moving average price is $51.60. Belite Bio has a 52-week low of $31.00 and a 52-week high of $86.53.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the previous year, the firm earned ($0.40) earnings per share. On average, sell-side analysts forecast that Belite Bio will post -1.21 earnings per share for the current fiscal year.

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.