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

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) was the recipient of a large growth in short interest in 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 trading volume, of 37,500 shares, the days-to-cover ratio is currently 3.2 days. Approximately 0.4% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BLTE shares. Cantor Fitzgerald reiterated an "overweight" rating on shares of Belite Bio in a research report on Thursday, May 15th. Wall Street Zen cut shares of Belite Bio from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Benchmark reiterated a "buy" rating and issued a $80.00 price objective on shares of Belite Bio in a research note on Wednesday, March 26th. Finally, HC Wainwright reissued a "buy" rating and issued a $100.00 target price on shares of Belite Bio in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat, Belite Bio currently has an average rating of "Moderate Buy" and a consensus target price of $96.67.

Institutional Investors Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of BLTE. GAMMA Investing LLC grew its holdings in shares of Belite Bio by 43.3% during the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after purchasing an additional 559 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Belite Bio during the 4th quarter worth about $155,000. XTX Topco Ltd increased its position in Belite Bio by 30.9% in the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock valued at $446,000 after acquiring an additional 1,668 shares in the last quarter. JPMorgan Chase & Co. increased its position in Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock valued at $924,000 after acquiring an additional 8,280 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Belite Bio by 36.4% in the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after acquiring an additional 4,891 shares during the last quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

Belite Bio Trading Up 0.2%

Shares of Belite Bio stock traded up $0.12 during mid-day trading on Friday, reaching $60.48. 83,537 shares of the stock were exchanged, compared to its average volume of 47,226. Belite Bio has a fifty-two week low of $43.70 and a fifty-two week high of $86.53. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -44.47 and a beta of -1.44. The firm has a 50-day simple moving average of $61.34 and a 200 day simple moving average of $60.97.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its quarterly earnings data 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, research analysts predict that Belite Bio will post -1.17 EPS for the current fiscal year.

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.