Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 13.5% in October

Belite Bio, Inc (NASDAQ:BLTE) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 234,000 shares, a decline of 13.5% from the October 15th total of 270,600 shares. Based on an average trading volume of 52,000 shares, the days-to-cover ratio is currently 4.5 days.

Institutional Investors Weigh In On Belite Bio

A number of institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in shares of Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 443 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Belite Bio in the 3rd quarter worth approximately $253,000. State Street Corp boosted its stake in shares of Belite Bio by 28.2% during 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 in the last quarter. Finally, Armistice Capital LLC purchased a new position in Belite Bio during the second quarter valued at approximately $6,761,000. 0.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BLTE. HC Wainwright raised their price objective on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. Benchmark restated a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a research report on Tuesday, August 13th. Finally, Maxim Group increased their target price on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research note on Friday.

Belite Bio Stock Down 1.0 %

Shares of BLTE traded down $0.85 during trading hours on Friday, reaching $82.81. 64,005 shares of the company traded hands, compared to its average volume of 109,315. Belite Bio has a 12-month low of $31.00 and a 12-month high of $86.53. The stock’s fifty day moving average price is $59.22 and its 200 day moving average price is $51.60.

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

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.