Short Interest in Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Grows By 31.8%

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) saw a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 118,200 shares, a growth of 31.8% from the May 15th total of 89,700 shares. Based on an average daily volume of 37,500 shares, the short-interest ratio is presently 3.2 days. Approximately 0.4% of the company’s shares are short sold.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in shares of Belite Bio by 43.3% in the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock worth $122,000 after buying an additional 559 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Belite Bio during the fourth quarter worth $155,000. XTX Topco Ltd raised its holdings in shares of Belite Bio by 30.9% during the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock worth $446,000 after purchasing an additional 1,668 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Belite Bio by 130.3% during the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock worth $924,000 after purchasing an additional 8,280 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after purchasing an additional 4,891 shares during the last quarter. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Up 3.1%

NASDAQ:BLTE opened at $60.36 on Thursday. Belite Bio has a 52 week low of $43.70 and a 52 week high of $86.53. The firm has a 50 day moving average of $61.30 and a 200 day moving average of $61.00. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -44.38 and a beta of -1.44.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). As a group, analysts expect that Belite Bio will post -1.17 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a report on Thursday, May 15th. HC Wainwright restated a “buy” rating and issued a $100.00 target price on shares of Belite Bio in a research note on Thursday, May 15th. Wall Street Zen downgraded shares of Belite Bio from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Finally, Benchmark restated a “buy” rating and issued a $80.00 target price on shares of Belite Bio in a research note on Wednesday, March 26th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $96.67.

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.