Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Declines By 5.1%

Belite Bio, Inc (NASDAQ:BLTE) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 270,200 shares, a drop of 5.1% from the August 15th total of 284,800 shares. Based on an average daily volume of 44,000 shares, the days-to-cover ratio is currently 6.1 days.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Belite Bio stock. Jump Financial LLC bought a new stake in Belite Bio, Inc (NASDAQ:BLTE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,200 shares of the company’s stock, valued at approximately $238,000. Institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Down 0.5 %

BLTE stock opened at $48.52 on Wednesday. The firm’s 50-day simple moving average is $48.85 and its 200 day simple moving average is $45.37. The stock has a market cap of $1.45 billion, a PE ratio of -41.12 and a beta of -1.49. Belite Bio has a fifty-two week low of $28.51 and a fifty-two week high of $50.66.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). Equities analysts forecast that Belite Bio will post -1.19 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Benchmark reiterated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a research note on Thursday, June 20th. Finally, HC Wainwright restated a “buy” rating and issued a $60.00 target price on shares of Belite Bio in a research note on Thursday, September 12th.

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.