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

Belite Bio, Inc (NASDAQ:BLTE) saw a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 315,200 shares, a growth of 10.7% from the July 15th total of 284,700 shares. Based on an average trading volume of 53,800 shares, the days-to-cover ratio is currently 5.9 days.

Institutional Investors Weigh In On Belite Bio

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC purchased a new stake in shares of Belite Bio, Inc (NASDAQ:BLTE) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned about 0.50% of Belite Bio as of its most recent SEC filing. Institutional investors own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BLTE shares. HC Wainwright upped their target price on Belite Bio from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, August 13th. Benchmark restated a “buy” rating and issued a $57.00 price objective on shares of Belite Bio in a research note on Tuesday, August 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a research report on Thursday, June 20th.

Belite Bio Stock Up 0.1 %

NASDAQ:BLTE traded up $0.05 during trading hours on Friday, reaching $49.95. The company had a trading volume of 18,701 shares, compared to its average volume of 53,877. The stock has a 50-day moving average of $48.51 and a two-hundred day moving average of $45.02. Belite Bio has a one year low of $21.01 and a one year high of $50.66. The firm has a market capitalization of $1.49 billion, a PE ratio of -42.33 and a beta of -1.47.

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.