Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 9.2% in January

Belite Bio, Inc (NASDAQ:BLTE) was the recipient of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 63,800 shares, a decrease of 9.2% from the January 15th total of 70,300 shares. Based on an average daily trading volume, of 59,400 shares, the days-to-cover ratio is currently 1.1 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Advisors Preferred LLC purchased a new position in shares of Belite Bio during the 4th quarter worth $52,000. GAMMA Investing LLC raised its position in shares of Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after purchasing an additional 419 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Belite Bio during the 4th quarter valued at $155,000. XTX Topco Ltd bought a new stake in shares of Belite Bio during the 3rd quarter valued at $253,000. Finally, JPMorgan Chase & Co. raised its position in shares of Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after purchasing an additional 6,268 shares during the period. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

BLTE has been the topic of a number of recent analyst reports. HC Wainwright increased their price target on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Maxim Group raised their target price on shares of Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Benchmark raised their target price on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st.

Belite Bio Trading Up 0.1 %

Shares of BLTE stock opened at $56.06 on Wednesday. The firm’s 50 day moving average is $59.11 and its 200 day moving average is $58.80. The stock has a market capitalization of $1.73 billion, a P/E ratio of -50.50 and a beta of -1.59. Belite Bio has a 12-month low of $31.00 and a 12-month high of $86.53.

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.