Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Declines By 13.0%

Belite Bio, Inc (NASDAQ:BLTE) was the recipient of a significant drop in short interest in the month of 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 short-interest ratio is presently 0.7 days.

Hedge Funds Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC purchased a new stake in Belite Bio, Inc (NASDAQ:BLTE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned about 0.13% of Belite Bio as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Performance

NASDAQ BLTE traded up $1.75 during trading hours on Friday, hitting $39.75. 46,599 shares of the company traded hands, compared to its average volume of 25,510. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -32.06 and a beta of -1.62. Belite Bio has a twelve month low of $11.00 and a twelve month high of $48.60. The business’s 50-day moving average is $41.34 and its 200-day moving average is $41.68.

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

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $59.00 price objective on shares of Belite Bio in a research note on Friday, March 22nd. Seven equities research 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 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 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.