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

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) was the target of a significant drop in short interest in April. As of April 15th, there was short interest totalling 34,000 shares, a drop of 13.0% from the March 31st total of 39,100 shares. Based on an average daily trading volume, of 52,300 shares, the days-to-cover ratio is currently 0.7 days.

Belite Bio Stock Performance

Shares of Belite Bio stock traded up $1.75 during trading on Friday, hitting $39.75. 46,599 shares of the stock traded hands, compared to its average volume of 25,510. The stock has a market cap of $1.16 billion, a P/E ratio of -32.06 and a beta of -1.62. Belite Bio has a twelve month low of $11.00 and a twelve month high of $48.60. The company has a fifty day moving average price of $41.34 and a two-hundred day moving average price of $41.68.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its quarterly earnings results on Monday, March 11th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.11. On average, equities research analysts expect that Belite Bio will post -0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC purchased a new position in Belite Bio, Inc (NASDAQ:BLTE - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 36,000 shares of the company's stock, valued at approximately $1,647,000. Armistice Capital LLC owned 0.13% of Belite Bio as of its most recent SEC filing. 0.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a "buy" rating and set a $59.00 price objective on shares of Belite Bio in a research report on Friday, March 22nd. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $44.83.

About Belite Bio

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.