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

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) was the recipient of a significant 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 daily trading volume, of 41,500 shares, the short-interest ratio is currently 2.2 days. Currently, 0.3% of the company's stock are short sold.

Analysts Set New Price Targets

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

Belite Bio Price Performance

BLTE stock traded up $0.46 during midday trading on Wednesday, reaching $65.28. 8,868 shares of the company were exchanged, compared to its average volume of 48,438. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of -58.81 and a beta of -1.48. Belite Bio has a one year low of $43.70 and a one year high of $86.53. The business has a 50-day moving average price of $61.00 and a two-hundred day moving average price of $61.94.

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

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. purchased a new stake in shares of Belite Bio in the first quarter worth about $5,538,000. GAMMA Investing LLC grew its position in 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 buying an additional 559 shares in the last quarter. Bank of America Corp DE increased 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 valued at $1,157,000 after acquiring an additional 4,891 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Belite Bio during the fourth quarter valued at about $155,000. Finally, XTX Topco Ltd lifted its stake in Belite Bio by 30.9% during 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 during the last quarter. Institutional investors own 0.53% of the company's stock.

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.