Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 12.9% in December

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

Institutional Trading of Belite Bio

Large investors have recently modified their holdings 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 position in Belite Bio during the 3rd quarter valued at about $253,000. JPMorgan Chase & Co. raised its holdings in shares of Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after purchasing an additional 6,268 shares in the last quarter. State Street Corp lifted its position in shares of Belite Bio by 28.2% in the 3rd 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. Finally, Armistice Capital LLC bought a new position in shares of Belite Bio during the second quarter valued at approximately $6,761,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Performance

BLTE stock traded down $0.95 during midday trading on Friday, reaching $62.00. The company’s stock had a trading volume of 26,423 shares, compared to its average volume of 55,613. Belite Bio has a 1 year low of $31.00 and a 1 year high of $86.53. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -55.86 and a beta of -1.64. The stock has a fifty day simple moving average of $69.51 and a two-hundred day simple moving average of $56.36.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter in the prior year, the business posted ($0.40) EPS. As a group, analysts forecast that Belite Bio will post -1.21 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. HC Wainwright lifted their price target 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. Maxim Group boosted their target price on Belite Bio from $60.00 to $110.00 and gave the company 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.