Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Decreases By 12.9%

Belite Bio, Inc (NASDAQ:BLTE) saw a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 202,300 shares, a decline of 12.9% from the November 30th total of 232,300 shares. Based on an average trading volume of 72,000 shares, the short-interest ratio is presently 2.8 days.

Belite Bio Price Performance

Shares of NASDAQ BLTE traded up $1.13 during midday trading on Tuesday, reaching $63.10. 14,844 shares of the stock were exchanged, compared to its average volume of 55,467. Belite Bio has a 12 month low of $31.00 and a 12 month high of $86.53. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -56.85 and a beta of -1.64. The business has a 50-day simple moving average of $69.60 and a two-hundred day simple moving average of $56.45.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period last year, the business earned ($0.40) earnings per share. Equities research analysts expect that Belite Bio will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Belite Bio

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 443 shares during the period. XTX Topco Ltd acquired a new position in Belite Bio during the 3rd quarter worth approximately $253,000. JPMorgan Chase & Co. boosted its position in Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring an additional 6,268 shares during the last quarter. State Street Corp raised its holdings in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares during the last quarter. Finally, Armistice Capital LLC acquired a new stake in shares of Belite Bio in the second quarter valued at approximately $6,761,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports 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. HC Wainwright raised their target price on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th.

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.