Belite Bio, Inc (NASDAQ:BLTE) Short Interest Update

Belite Bio, Inc (NASDAQ:BLTE) was the target of a large drop in short interest in April. As of April 15th, there was short interest totalling 34,000 shares, a drop of 13.0% from the March 31st total of 39,100 shares. Based on an average daily volume of 52,300 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Investors Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC bought a new stake in Belite Bio, Inc (NASDAQ:BLTE) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned about 0.13% of Belite Bio at the end of the most recent quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

Belite Bio Stock Up 3.0 %

NASDAQ:BLTE traded up $1.18 during mid-day trading on Monday, reaching $40.93. 31,907 shares of the company were exchanged, compared to its average volume of 57,450. Belite Bio has a 12 month low of $11.00 and a 12 month high of $48.60. The company has a fifty day moving average of $41.34 and a 200 day moving average of $41.68. The stock has a market cap of $1.19 billion, a PE ratio of -33.01 and a beta of -1.62.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.11. On average, equities research analysts anticipate that Belite Bio will post -0.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and set a $59.00 target price on shares of Belite Bio in a research report on Friday, March 22nd. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $44.83.

About Belite Bio

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.