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

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

Belite Bio Price Performance

Shares of NASDAQ BLTE opened at $154.93 on Friday. The company has a market cap of $5.81 billion, a PE ratio of -80.69 and a beta of -1.45. The stock has a fifty day moving average price of $126.91 and a 200 day moving average price of $87.53. Belite Bio has a 1-year low of $49.00 and a 1-year high of $162.00.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.95 earnings per share for the quarter. Analysts anticipate that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of BLTE. Bank of America Corp DE increased its holdings 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 in the last quarter. GAMMA Investing LLC grew its position in Belite Bio by 11.1% during the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after buying an additional 176 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Belite Bio during the second quarter worth about $147,000. Ameriprise Financial Inc. purchased a new position in Belite Bio in the third quarter valued at about $224,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio during the 2nd quarter valued at approximately $190,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BLTE shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. BTIG Research set a $187.00 price target on shares of Belite Bio in a research report on Wednesday, December 3rd. Wall Street Zen raised Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Research upgraded Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Finally, Cantor Fitzgerald began coverage on shares of Belite Bio in a research note on Monday, November 24th. They set an “overweight” rating and a $154.00 target price on the stock. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Belite Bio presently has an average rating of “Moderate Buy” and a consensus price target of $175.33.

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.