Belite Bio, Inc (NASDAQ:BLTE) Short Interest Up 17.1% in February

Belite Bio, Inc (NASDAQ:BLTE) saw a significant growth in short interest in February. As of February 28th, there was short interest totalling 81,300 shares, a growth of 17.1% from the February 13th total of 69,400 shares. Based on an average daily volume of 46,300 shares, the short-interest ratio is currently 1.8 days. Approximately 0.3% of the company’s stock are short sold.

Institutional Trading of Belite Bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Preferred LLC acquired a new stake in shares of Belite Bio in the fourth quarter valued at approximately $52,000. GAMMA Investing LLC boosted its position in shares of Belite Bio by 48.1% during the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after purchasing an additional 419 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Belite Bio during the fourth quarter worth $155,000. XTX Topco Ltd bought a new stake in Belite Bio in the 3rd quarter valued at $253,000. Finally, JPMorgan Chase & Co. lifted its position in Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after acquiring an additional 6,268 shares in the last quarter. Institutional investors and hedge funds own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 price target on shares of Belite Bio in a research note on Tuesday. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a research report on Tuesday. Finally, Benchmark increased their target price on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st.

Belite Bio Stock Performance

Shares of NASDAQ:BLTE opened at $67.73 on Friday. The stock’s 50-day moving average is $59.24 and its 200-day moving average is $60.71. Belite Bio has a 52-week low of $31.01 and a 52-week high of $86.53. The company has a market cap of $2.16 billion, a P/E ratio of -61.02 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). As a group, equities analysts predict that Belite Bio will post -1.17 EPS for the current year.

About Belite Bio

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.