Belite Bio, Inc (NASDAQ:BLTE) Short Interest Down 13.0% in April

Belite Bio, Inc (NASDAQ:BLTE) was the target of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totalling 34,000 shares, a decrease of 13.0% from the March 31st total of 39,100 shares. Based on an average daily trading volume, of 52,300 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and issued a $59.00 price objective on shares of Belite Bio in a report on Friday, March 22nd. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $44.83.

Belite Bio Stock Up 4.6 %

BLTE traded up $1.75 during trading on Friday, reaching $39.75. The company’s stock had a trading volume of 46,599 shares, compared to its average volume of 25,510. The company has a market cap of $1.16 billion, a price-to-earnings ratio of -32.06 and a beta of -1.62. The firm has a fifty day simple moving average of $41.34 and a two-hundred day simple moving average of $41.68. Belite Bio has a 1 year low of $11.00 and a 1 year high of $48.60.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.11. As a group, equities analysts forecast that Belite Bio will post -0.63 EPS for the current fiscal year.

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.