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

Belite Bio, Inc (NASDAQ:BLTE) was the recipient of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 36,100 shares, a drop of 22.9% from the May 31st total of 46,800 shares. Based on an average trading volume of 51,900 shares, the days-to-cover ratio is presently 0.7 days.

Analyst Upgrades and Downgrades

BLTE has been the subject of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a report on Thursday, June 20th. Benchmark reiterated a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research note on Thursday, May 16th. Finally, HC Wainwright reiterated a “buy” rating and set a $59.00 target price on shares of Belite Bio in a research report on Thursday, June 13th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $44.83.

Institutional Trading of Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC acquired a new position in shares of Belite Bio, Inc (NASDAQ:BLTE) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 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 owned by hedge funds and other institutional investors.

Belite Bio Stock Down 1.8 %

Shares of NASDAQ BLTE traded down $0.82 during trading on Friday, hitting $45.68. 12,982 shares of the company traded hands, compared to its average volume of 79,004. The firm has a market capitalization of $1.36 billion, a P/E ratio of -38.71 and a beta of -1.43. The company has a 50-day moving average price of $45.18 and a 200-day moving average price of $44.16. Belite Bio has a 1 year low of $12.53 and a 1 year high of $50.15.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.07. Research analysts predict that Belite Bio will post -1.08 EPS for the current fiscal 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.