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

Belite Bio, Inc (NASDAQ:BLTE) was the target of a large drop in short interest in 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 volume of 72,000 shares, the days-to-cover ratio is presently 2.8 days.

Hedge Funds Weigh In On Belite Bio

Several large investors have recently added to or reduced their stakes in BLTE. Armistice Capital LLC acquired a new position in shares of Belite Bio during the 2nd quarter valued at about $6,761,000. GAMMA Investing LLC increased its position in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 443 shares during the last quarter. State Street Corp raised its stake in Belite Bio by 28.2% during the third 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. XTX Topco Ltd acquired a new position in shares of Belite Bio in the 3rd quarter valued at $253,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after buying an additional 6,268 shares during the period. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Belite Bio Price Performance

Belite Bio stock traded up $1.13 during mid-day trading on Tuesday, hitting $63.10. 17,676 shares of the company were exchanged, compared to its average volume of 55,478. Belite Bio has a 12-month low of $31.00 and a 12-month high of $86.53. The business’s 50 day simple moving average is $69.60 and its two-hundred day simple moving average is $56.45. The company has a market capitalization of $1.95 billion, a P/E ratio of -56.85 and a beta of -1.64.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same quarter last year, the firm earned ($0.40) EPS. Equities research analysts predict that Belite Bio will post -1.21 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on BLTE. HC Wainwright increased their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Maxim Group upped their target price on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 15th.

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.