Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Sees Significant Decline in Short Interest

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) was the recipient of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totaling 294,199 shares, a decrease of 45.2% from the November 30th total of 537,302 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average daily volume of 362,897 shares, the short-interest ratio is currently 0.8 days. Based on an average daily volume of 362,897 shares, the short-interest ratio is currently 0.8 days. Approximately 0.9% of the company’s stock are short sold.

Belite Bio Price Performance

Shares of BLTE traded down $0.07 during midday trading on Friday, reaching $154.93. The stock had a trading volume of 72,011 shares, compared to its average volume of 291,392. Belite Bio has a 52 week low of $49.00 and a 52 week high of $162.00. The firm’s 50 day moving average price is $126.91 and its 200-day moving average price is $87.71. The company has a market capitalization of $5.81 billion, a P/E ratio of -80.69 and a beta of -1.45.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, December 1st. The company reported $0.95 EPS for the quarter. On average, equities analysts forecast that Belite Bio will post -1.17 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. BTIG Research set a $187.00 target price on shares of Belite Bio in a report on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Benchmark reissued a “buy” rating on shares of Belite Bio in a report on Wednesday, December 3rd. Mizuho set a $194.00 target price on Belite Bio and gave the company an “outperform” rating in a report on Tuesday, December 2nd. Finally, Cantor Fitzgerald assumed coverage on Belite Bio in a report on Monday, November 24th. They issued an “overweight” rating and a $154.00 price target on the stock. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Belite Bio currently has an average rating of “Moderate Buy” and a consensus target price of $175.33.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its stake in shares of Belite Bio by 28.1% in the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after purchasing an additional 257 shares during the last quarter. GAMMA Investing LLC raised its holdings in Belite Bio by 11.1% during the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after buying an additional 176 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Belite Bio in the second quarter worth about $147,000. BNP Paribas Financial Markets bought a new stake in shares of Belite Bio during the 2nd quarter worth about $190,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Belite Bio in the 3rd quarter valued at approximately $224,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

About Belite Bio

Belite Bio, Inc (NASDAQ: BLTE) is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.