Belite Bio, Inc (NASDAQ:BLTE) Sees Significant Decrease in Short Interest

Belite Bio, Inc (NASDAQ:BLTE) saw a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 63,800 shares, a decline of 9.2% from the January 15th total of 70,300 shares. Based on an average daily trading volume, of 59,400 shares, the days-to-cover ratio is presently 1.1 days.

Belite Bio Price Performance

Shares of BLTE stock traded down $0.57 during mid-day trading on Monday, hitting $56.00. The stock had a trading volume of 10,373 shares, compared to its average volume of 35,930. The firm has a market capitalization of $1.78 billion, a P/E ratio of -50.45 and a beta of -1.59. Belite Bio has a 12-month low of $31.00 and a 12-month high of $86.53. The firm’s 50-day moving average is $59.48 and its two-hundred day moving average is $58.68.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted 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 worth $1,157,000 after purchasing an additional 4,891 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Belite Bio in the fourth quarter worth about $155,000. XTX Topco Ltd lifted its position in shares of 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 buying an additional 1,668 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after buying an additional 8,280 shares in the last quarter. Finally, Advisors Preferred LLC purchased a new position in shares of Belite Bio in the 4th quarter worth approximately $52,000. 0.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. HC Wainwright raised their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Benchmark raised their price target 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, Maxim Group lifted their target price on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

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.