Short Interest in Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Rises By 25.1%

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) was the recipient of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 990,833 shares, a growth of 25.1% from the February 26th total of 792,323 shares. Currently, 2.9% of the company’s stock are sold short. Based on an average daily volume of 187,136 shares, the short-interest ratio is presently 5.3 days.

Belite Bio Trading Up 4.1%

Belite Bio stock traded up $6.58 during trading on Wednesday, hitting $166.02. 54,135 shares of the company were exchanged, compared to its average volume of 206,267. The company has a market capitalization of $6.53 billion, a P/E ratio of -72.18 and a beta of -1.46. The business’s 50 day moving average is $170.77 and its 200 day moving average is $137.05. Belite Bio has a 52 week low of $49.00 and a 52 week high of $200.00.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.18. Equities analysts expect that Belite Bio will post -1.17 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently modified their holdings of BLTE. Darwin Global Management Ltd. bought a new stake in Belite Bio during the fourth quarter worth $486,915,000. RA Capital Management L.P. bought a new position in Belite Bio in the 3rd quarter valued at $64,750,000. Millennium Management LLC increased its position in shares of Belite Bio by 2,594.6% during the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock valued at $89,399,000 after purchasing an additional 538,141 shares during the last quarter. RTW Investments LP raised its stake in shares of Belite Bio by 128.9% during the 4th quarter. RTW Investments LP now owns 715,332 shares of the company’s stock worth $114,425,000 after purchasing an additional 402,832 shares during the period. Finally, Perceptive Advisors LLC raised its stake in shares of Belite Bio by 732.0% during the 4th quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock worth $66,262,000 after purchasing an additional 364,451 shares during the period. 0.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Maxim Group set a $200.00 target price on Belite Bio in a research report on Tuesday, December 2nd. HC Wainwright increased their price target on Belite Bio from $185.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Wall Street Zen cut Belite Bio from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Tuesday, March 3rd. Finally, Bank of America assumed coverage on Belite Bio in a report on Monday, January 26th. They issued a “buy” rating and a $195.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Belite Bio has an average rating of “Moderate Buy” and a consensus price target of $202.33.

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.