Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Short Interest Up 49.4% in January

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) was the target of a significant growth in short interest in January. As of January 30th, there was short interest totaling 585,301 shares, a growth of 49.4% from the January 15th total of 391,677 shares. Based on an average trading volume of 208,978 shares, the days-to-cover ratio is currently 2.8 days. Currently, 1.8% of the shares of the stock are short sold. Currently, 1.8% of the shares of the stock are short sold. Based on an average trading volume of 208,978 shares, the days-to-cover ratio is currently 2.8 days.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Bank of America assumed coverage on shares of Belite Bio in a research note on Monday, January 26th. They issued a “buy” rating and a $195.00 target price for the company. Cantor Fitzgerald began coverage on shares of Belite Bio in a report on Monday, November 24th. They set an “overweight” rating and a $154.00 price target for the company. Mizuho set a $194.00 price objective on shares of Belite Bio and gave the company an “outperform” rating in a research report on Tuesday, December 2nd. Wall Street Zen lowered shares of Belite Bio from a “hold” rating to a “sell” rating in a research report on Sunday, January 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $185.00 price target on shares of Belite Bio in a report on Wednesday, January 28th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $179.75.

Belite Bio Price Performance

Shares of BLTE stock opened at $175.26 on Friday. The firm’s 50-day simple moving average is $161.54 and its 200-day simple moving average is $113.11. Belite Bio has a 1-year low of $49.00 and a 1-year high of $200.00. The firm has a market cap of $6.57 billion, a P/E ratio of -91.28 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.95 EPS for the quarter. Analysts expect that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLTE. RA Capital Management L.P. purchased a new stake in Belite Bio during the third quarter valued at about $64,750,000. Vestal Point Capital LP acquired a new position in shares of Belite Bio in the 3rd quarter valued at about $23,125,000. Marshall Wace LLP lifted its stake in shares of Belite Bio by 1,876.6% in the 3rd quarter. Marshall Wace LLP now owns 187,500 shares of the company’s stock valued at $13,875,000 after purchasing an additional 178,014 shares in the last quarter. UBS Group AG grew its holdings in shares of Belite Bio by 1,036.0% during the 4th quarter. UBS Group AG now owns 128,752 shares of the company’s stock worth $20,595,000 after purchasing an additional 117,418 shares during the period. Finally, Western Standard LLC acquired a new stake in Belite Bio during the 4th quarter worth approximately $9,602,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

Belite Bio Company Profile

Belite Bio, Inc (NASDAQ: BLTE) is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.