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

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) was the recipient of a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 585,301 shares, a growth of 49.4% from the January 15th total of 391,677 shares. Based on an average trading volume of 208,978 shares, the days-to-cover ratio is presently 2.8 days. Currently, 1.8% of the company’s shares are short sold. Currently, 1.8% of the company’s shares are short sold. Based on an average trading volume of 208,978 shares, the days-to-cover ratio is presently 2.8 days.

Hedge Funds Weigh In On Belite Bio

A number of institutional investors have recently modified their holdings of the company. Marshall Wace LLP lifted its stake in Belite Bio by 2.8% during the 4th quarter. Marshall Wace LLP now owns 192,700 shares of the company’s stock valued at $30,824,000 after acquiring an additional 5,200 shares in the last quarter. Affinity Asset Advisors LLC bought a new stake in shares of Belite Bio in the fourth quarter valued at $3,199,000. Exome Asset Management LLC purchased a new position in shares of Belite Bio during the 4th quarter valued at $2,292,000. State Street Corp grew its stake in shares of Belite Bio by 18.6% during the 4th quarter. State Street Corp now owns 15,740 shares of the company’s stock worth $2,518,000 after acquiring an additional 2,467 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Belite Bio by 28,200.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after acquiring an additional 282 shares during the period. 0.53% of the stock is owned by institutional investors and hedge funds.

Belite Bio Trading Up 0.4%

BLTE opened at $175.26 on Monday. The company has a fifty day moving average price of $161.54 and a two-hundred day moving average price of $113.80. Belite Bio has a 1-year low of $49.00 and a 1-year high of $200.00. The company has a market cap of $6.57 billion, a P/E ratio of -91.28 and a beta of -1.46.

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

Analysts Set New Price Targets

BLTE has been the topic of several analyst reports. Mizuho set a $194.00 price objective on shares of Belite Bio and gave the stock an “outperform” rating in a research note on Tuesday, December 2nd. Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a research report on Sunday, January 4th. BTIG Research set a $187.00 price target on Belite Bio in a research note on Wednesday, December 3rd. Cantor Fitzgerald began coverage on Belite Bio in a research note on Monday, November 24th. They issued an “overweight” rating and a $154.00 price objective on the stock. Finally, Benchmark reiterated a “buy” rating on shares of Belite Bio in a report on Wednesday, December 3rd. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $179.75.

Belite Bio Company Profile

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.