Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Grows By 10.7%

Belite Bio, Inc (NASDAQ:BLTE) was the target of a large growth in short interest in July. As of July 31st, there was short interest totalling 315,200 shares, a growth of 10.7% from the July 15th total of 284,700 shares. Based on an average trading volume of 53,800 shares, the short-interest ratio is currently 5.9 days.

Analyst Ratings Changes

Several research firms have recently weighed in on BLTE. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a report on Thursday, June 20th. Benchmark reissued a “buy” rating and set a $57.00 price objective on shares of Belite Bio in a research report on Tuesday, August 13th. Finally, HC Wainwright upped their target price on shares of Belite Bio from $59.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, August 13th.

Belite Bio Price Performance

Shares of BLTE stock traded up $0.05 during mid-day trading on Friday, hitting $49.95. The stock had a trading volume of 18,701 shares, compared to its average volume of 53,877. The firm has a market cap of $1.49 billion, a PE ratio of -42.33 and a beta of -1.47. The company’s 50-day simple moving average is $48.51 and its 200-day simple moving average is $45.02. Belite Bio has a fifty-two week low of $21.01 and a fifty-two week high of $50.66.

Institutional Investors Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Jump Financial LLC bought a new position in shares of Belite Bio, Inc (NASDAQ:BLTE) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,200 shares of the company’s stock, valued at approximately $238,000. 0.53% of the stock is owned by institutional investors and hedge funds.

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.