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

by · The Cerbat Gem

Belite Bio, Inc (NASDAQ:BLTE – Get Free Report) saw a significant drop in short interest in December. As of December 31st, there was short interest totalling 80,400 shares, a drop of 60.3% from the December 15th total of 202,300 shares. Based on an average trading volume of 72,900 shares, the short-interest ratio is currently 1.1 days.

Institutional Trading of Belite Bio

Institutional investors have recently modified their holdings of the business. Armistice Capital LLC acquired a new position in shares of Belite Bio in the second quarter worth $6,761,000. State Street Corp lifted its position in Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares during the period. GAMMA Investing LLC boosted its position in shares of Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after acquiring an additional 419 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Belite Bio in the 3rd quarter worth $253,000. Finally, JPMorgan Chase & Co. boosted its holdings in Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring an additional 6,268 shares during the period. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on BLTE. Maxim Group lifted their target price on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 15th. HC Wainwright raised their target price 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.

Read Our Latest Analysis on BLTE

Belite Bio Price Performance

Shares of NASDAQ BLTE traded up $0.80 during mid-day trading on Tuesday, hitting $56.36. The company had a trading volume of 6,077 shares, compared to its average volume of 38,295. The company has a market capitalization of $1.74 billion, a PE ratio of -50.77 and a beta of -1.56. The business’s 50-day simple moving average is $68.21 and its 200 day simple moving average is $57.19. Belite Bio has a 1-year low of $31.00 and a 1-year high of $86.53.

Belite Bio (NASDAQ:BLTE – Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter last year, the company posted ($0.40) EPS. On average, analysts expect that Belite Bio will post -1.21 EPS for the current year.

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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