Belite Bio, Inc (NASDAQ:BLTE) Short Interest Up 23.0% in May

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 89,700 shares, a growth of 23.0% from the April 30th total of 72,900 shares. Based on an average trading volume of 41,500 shares, the days-to-cover ratio is presently 2.2 days. Currently, 0.3% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of Belite Bio in a research report on Thursday, May 15th. HC Wainwright reissued a "buy" rating and issued a $100.00 price target on shares of Belite Bio in a report on Thursday, May 15th. Wall Street Zen lowered shares of Belite Bio from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Benchmark restated a "buy" rating and set a $80.00 price target on shares of Belite Bio in a research report on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in shares of Belite Bio by 9,391.6% in the 1st quarter. GAMMA Investing LLC now owns 122,441 shares of the company's stock worth $8,108,000 after purchasing an additional 121,151 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Belite Bio in the first quarter worth approximately $5,538,000. Bank of America Corp DE boosted its stake in 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 buying an additional 4,891 shares in the last quarter. JPMorgan Chase & Co. boosted 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 worth $924,000 after buying an additional 8,280 shares in the last quarter. Finally, XTX Topco Ltd boosted its stake 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 buying an additional 1,668 shares in the last quarter. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Belite Bio Trading Down 7.1%

Shares of NASDAQ BLTE traded down $4.54 during midday trading on Friday, hitting $59.68. 85,471 shares of the company's stock were exchanged, compared to its average volume of 48,469. Belite Bio has a 12-month low of $43.70 and a 12-month high of $86.53. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -53.77 and a beta of -1.44. The business's fifty day moving average price is $60.82 and its two-hundred day moving average price is $61.68.

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