Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 22.9% in June

Belite Bio, Inc (NASDAQ:BLTE) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 36,100 shares, a drop of 22.9% from the May 31st total of 46,800 shares. Based on an average daily volume of 51,900 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Trading of Belite Bio

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

Wall Street Analyst Weigh In

BLTE has been the subject of several research reports. Benchmark reissued a “buy” rating and issued a $57.00 price objective on shares of Belite Bio in a research report on Thursday, May 16th. HC Wainwright reiterated a “buy” rating and issued a $59.00 price target on shares of Belite Bio in a report on Thursday, June 13th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a report on Thursday, June 20th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $44.83.

Belite Bio Stock Performance

Belite Bio stock traded down $0.82 during mid-day trading on Friday, reaching $45.68. 12,982 shares of the company were exchanged, compared to its average volume of 79,004. The firm has a market cap of $1.36 billion, a P/E ratio of -38.71 and a beta of -1.43. The business has a fifty day moving average of $45.18 and a 200 day moving average of $44.16. Belite Bio has a 12-month low of $12.53 and a 12-month high of $50.15.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.07. Sell-side analysts predict that Belite Bio will post -1.08 EPS for the current year.

Belite Bio Company Profile

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.