Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 44.4% in April

Belite Bio, Inc (NASDAQ:BLTE) saw a large drop in short interest in April. As of April 30th, there was short interest totalling 18,900 shares, a drop of 44.4% from the April 15th total of 34,000 shares. Based on an average daily volume of 40,600 shares, the short-interest ratio is presently 0.5 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Belite Bio stock. Jump Financial LLC purchased a new position in shares of Belite Bio, Inc (NASDAQ:BLTE) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,200 shares of the company’s stock, valued at approximately $238,000. 0.53% of the stock is owned by institutional investors and hedge funds.

Belite Bio Trading Down 1.1 %

BLTE traded down $0.45 during trading on Friday, hitting $42.05. 50,164 shares of the stock were exchanged, compared to its average volume of 28,650. Belite Bio has a 1-year low of $11.00 and a 1-year high of $48.60. The stock has a fifty day moving average price of $40.45 and a two-hundred day moving average price of $42.22.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 11th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.11. On average, research analysts predict that Belite Bio will post -0.63 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and set a $59.00 target price on shares of Belite Bio in a research note on Friday, March 22nd. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price 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 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.