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

Belite Bio, Inc (NASDAQ:BLTE) was the recipient of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 36,100 shares, a decline of 22.9% from the May 31st total of 46,800 shares. Based on an average trading volume of 51,900 shares, the short-interest ratio is presently 0.7 days.

Analyst Ratings Changes

Several equities research analysts recently commented on BLTE shares. HC Wainwright reaffirmed a “buy” rating and issued a $59.00 price objective on shares of Belite Bio in a research report on Thursday, June 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a research report on Thursday, June 20th. Finally, Benchmark restated a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research report on Thursday, May 16th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $44.83.

Belite Bio Price Performance

Shares of BLTE traded down $0.82 on Friday, reaching $45.68. The company’s stock had a trading volume of 12,982 shares, compared to its average volume of 79,004. Belite Bio has a 12-month low of $12.53 and a 12-month high of $50.15. The stock has a market capitalization of $1.36 billion, a P/E ratio of -38.71 and a beta of -1.43. The stock’s 50 day simple moving average is $45.18 and its two-hundred day simple moving average is $44.16.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.07. Analysts expect that Belite Bio will post -1.08 earnings per share for the current year.

Hedge Funds Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Jump Financial LLC bought a new stake in shares of Belite Bio, Inc (NASDAQ:BLTE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,200 shares of the company’s stock, valued at approximately $238,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.