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

Belite Bio, Inc (NASDAQ:BLTE) was the recipient of a significant drop in short interest during the month of January. As of January 15th, there was short interest totalling 80,400 shares, a drop of 60.3% from the December 31st total of 202,300 shares. Based on an average trading volume of 72,900 shares, the days-to-cover ratio is presently 1.1 days.

Institutional Investors Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in Belite Bio by 7,122.7% during the third 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 period. XTX Topco Ltd acquired a new position in shares of Belite Bio during the 3rd quarter worth approximately $253,000. State Street Corp increased its holdings 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 worth $942,000 after purchasing an additional 4,415 shares during the period. Advisors Preferred LLC acquired a new stake in shares of Belite Bio in the fourth quarter valued at approximately $52,000. Finally, GAMMA Investing LLC boosted its stake 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 buying an additional 443 shares during the period. Institutional investors and hedge funds own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Benchmark lifted their price target on Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. 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 note on Friday, November 15th. Finally, HC Wainwright increased their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th.

Belite Bio Price Performance

Belite Bio stock opened at $59.14 on Wednesday. Belite Bio has a twelve month low of $31.00 and a twelve month high of $86.53. The company’s 50-day moving average price is $62.96 and its two-hundred day moving average price is $57.94.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same period last year, the firm earned ($0.40) EPS. On average, analysts forecast that Belite Bio will post -1.21 EPS for the current fiscal 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.