Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 60.3% in January

Belite Bio, Inc (NASDAQ:BLTE) was the recipient of a significant decline in short interest in the month of January. As of January 15th, there was short interest totalling 80,400 shares, a decline of 60.3% from the December 31st total of 202,300 shares. Based on an average trading volume of 72,900 shares, the short-interest ratio is currently 1.1 days.

Belite Bio Stock Performance

Shares of Belite Bio stock opened at $59.14 on Wednesday. The stock’s 50-day moving average is $62.96 and its 200-day moving average is $57.94. Belite Bio has a one year low of $31.00 and a one year high of $86.53.

Belite Bio (NASDAQ:BLTE) last released its 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 period in the prior year, the firm posted ($0.40) earnings per share. Equities research analysts expect that Belite Bio will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. State Street Corp lifted its position in 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 buying an additional 4,415 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after acquiring an additional 419 shares during the last quarter. XTX Topco Ltd bought a new stake in Belite Bio during the third quarter worth about $253,000. Advisors Preferred LLC bought a new stake in Belite Bio during the fourth quarter worth about $52,000. Finally, JPMorgan Chase & Co. boosted its position in Belite Bio by 7,122.7% during 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 last quarter. Institutional investors and hedge funds own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Maxim Group raised their price target on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Benchmark increased their target price on Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, 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.

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.