Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Rises By 17.1%

Belite Bio, Inc (NASDAQ:BLTE) saw a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 81,300 shares, an increase of 17.1% from the February 13th total of 69,400 shares. Approximately 0.3% of the shares of the stock are short sold. Based on an average trading volume of 46,300 shares, the short-interest ratio is presently 1.8 days.

Institutional Investors Weigh In On Belite Bio

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in shares of Belite Bio by 36.4% during the 4th 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 during the period. BNP Paribas Financial Markets acquired a new position in Belite Bio in the fourth quarter valued at $155,000. XTX Topco Ltd grew its position in Belite Bio by 30.9% during the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock valued at $446,000 after acquiring an additional 1,668 shares during the period. JPMorgan Chase & Co. increased its stake in Belite Bio by 130.3% during the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock worth $924,000 after acquiring an additional 8,280 shares during the last quarter. Finally, Advisors Preferred LLC purchased a new position in shares of Belite Bio in the 4th quarter worth about $52,000. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BLTE has been the topic of several research reports. HC Wainwright reiterated a “buy” rating and issued a $100.00 price target on shares of Belite Bio in a research report on Tuesday. Benchmark increased their target price on Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a report on Tuesday.

Belite Bio Stock Performance

BLTE stock opened at $68.38 on Wednesday. The company has a 50 day moving average price of $58.77 and a two-hundred day moving average price of $60.61. The stock has a market capitalization of $2.18 billion, a P/E ratio of -61.60 and a beta of -1.54. Belite Bio has a one year low of $31.01 and a one year high of $86.53.

Belite Bio (NASDAQ:BLTE) last released 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). Research analysts forecast that Belite Bio will post -1.17 earnings per share for the current fiscal 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.