Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 21.5% in March

Belite Bio, Inc (NASDAQ:BLTE) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 70,000 shares, a decrease of 21.5% from the March 15th total of 89,200 shares. Approximately 0.3% of the company’s shares are sold short. Based on an average trading volume of 42,500 shares, the days-to-cover ratio is presently 1.6 days.

Analyst Ratings Changes

Several analysts recently weighed in on BLTE shares. Benchmark reiterated a “buy” rating and issued a $80.00 target price on shares of Belite Bio in a report on Wednesday, March 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a report on Tuesday, March 18th. Finally, HC Wainwright restated a “buy” rating and set a $100.00 target price on shares of Belite Bio in a report on Tuesday, March 18th.

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC grew its stake in shares of Belite Bio by 9,391.6% during the first quarter. GAMMA Investing LLC now owns 122,441 shares of the company’s stock worth $8,108,000 after purchasing an additional 121,151 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Belite Bio by 130.3% in the fourth 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. Bank of America Corp DE lifted its holdings in 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 buying an additional 4,891 shares during the last quarter. State Street Corp boosted its position in shares of Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of Belite Bio during the 4th quarter worth about $155,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Stock Down 4.6 %

BLTE stock traded down $2.62 during midday trading on Monday, hitting $53.78. The company’s stock had a trading volume of 24,368 shares, compared to its average volume of 50,379. Belite Bio has a 52-week low of $32.50 and a 52-week high of $86.53. The firm has a 50-day simple moving average of $60.81 and a 200-day simple moving average of $62.76. The firm has a market capitalization of $1.71 billion, a P/E ratio of -48.45 and a beta of -1.52.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). On average, sell-side analysts expect that Belite Bio will post -1.17 earnings per share for the current fiscal year.

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.