Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 13.5% in October

by · The Cerbat Gem

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

Wall Street Analysts Forecast Growth

BLTE has been the topic of several recent analyst reports. HC Wainwright upped their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Maxim Group lifted 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. Finally, Benchmark reiterated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th.

Check Out Our Latest Stock Analysis on BLTE

Belite Bio Trading Up 0.9 %

Shares of BLTE traded up $0.75 during mid-day trading on Monday, reaching $83.56. The company had a trading volume of 33,513 shares, compared to its average volume of 54,576. Belite Bio has a fifty-two week low of $31.00 and a fifty-two week high of $86.53. The firm has a fifty day simple moving average of $59.22 and a 200-day simple moving average of $51.68. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -74.60 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE – Get Free Report) last issued its earnings results 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 last year, the firm posted ($0.40) earnings per share. As a group, equities analysts predict that Belite Bio will post -1.21 EPS for the current fiscal year.

Institutional Trading of Belite Bio

A number of institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 443 shares in the last quarter. XTX Topco Ltd acquired a new stake in Belite Bio in the 3rd quarter valued at $253,000. State Street Corp increased its holdings in Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares in the last quarter. Finally, Armistice Capital LLC purchased a new stake in shares of Belite Bio during the 2nd quarter valued at about $6,761,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Company Profile

(Get Free Report)

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.

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