Belite Bio, Inc (NASDAQ:BLTE) Sees Large Growth in Short Interest

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) was the target of a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 118,200 shares, an increase of 31.8% from the May 15th total of 89,700 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 37,500 shares, the days-to-cover ratio is currently 3.2 days.

Hedge Funds Weigh In On Belite Bio

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of Belite Bio by 43.3% in the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after acquiring an additional 559 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Belite Bio during the fourth quarter worth approximately $155,000. XTX Topco Ltd increased its holdings in Belite Bio by 30.9% in 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 in the last quarter. JPMorgan Chase & Co. lifted its stake in Belite Bio by 130.3% in the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock valued at $924,000 after buying an additional 8,280 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after buying an additional 4,891 shares in the last quarter. Institutional investors and hedge funds own 0.53% of the company's stock.

Analysts Set New Price Targets

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

Belite Bio Stock Performance

Shares of BLTE traded down $1.44 during mid-day trading on Tuesday, reaching $58.55. 19,927 shares of the company were exchanged, compared to its average volume of 47,220. The business has a 50 day simple moving average of $61.13 and a two-hundred day simple moving average of $61.02. Belite Bio has a 52 week low of $43.70 and a 52 week high of $86.53. The stock has a market capitalization of $1.86 billion, a PE ratio of -52.75 and a beta of -1.44.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings results on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.02). On average, analysts predict that Belite Bio will post -1.17 EPS for the current year.

Belite Bio Company Profile

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.

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