Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Decreases By 13.5%

Belite Bio, Inc (NASDAQ:BLTE) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 234,000 shares, a decrease of 13.5% from the October 15th total of 270,600 shares. Based on an average daily volume of 52,000 shares, the days-to-cover ratio is presently 4.5 days.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BLTE. Maxim Group boosted their price objective on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday. Benchmark restated a “buy” rating and set a $57.00 price objective on shares of Belite Bio in a research report on Tuesday, August 13th. Finally, HC Wainwright lifted their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday.

Hedge Funds Weigh In On Belite Bio

A number of institutional investors and hedge funds have recently bought and sold shares of BLTE. GAMMA Investing LLC boosted its stake in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 443 shares during the last quarter. State Street Corp boosted its position in shares of Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after acquiring an additional 4,415 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Belite Bio during the 3rd quarter valued at about $253,000. Finally, Armistice Capital LLC acquired a new stake in Belite Bio during the second quarter worth about $6,761,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Belite Bio Stock Down 1.0 %

Shares of NASDAQ BLTE traded down $0.85 during midday trading on Friday, hitting $82.81. The stock had a trading volume of 64,005 shares, compared to its average volume of 54,671. The stock has a 50 day simple moving average of $59.22 and a 200-day simple moving average of $51.53. The company has a market capitalization of $2.53 billion, a PE ratio of -74.60 and a beta of -1.60. Belite Bio has a 1 year low of $31.00 and a 1 year high of $86.53.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the previous year, the business posted ($0.40) earnings per share. As a group, analysts expect that Belite Bio will post -1.19 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.