Short Interest in Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Expands By 16.2%

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) was the target of a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 792,323 shares, a growth of 16.2% from the February 12th total of 681,671 shares. Based on an average trading volume of 155,304 shares, the days-to-cover ratio is presently 5.1 days. Approximately 2.3% of the shares of the company are short sold. Approximately 2.3% of the shares of the company are short sold. Based on an average trading volume of 155,304 shares, the days-to-cover ratio is presently 5.1 days.

Institutional Trading of Belite Bio

Several institutional investors have recently added to or reduced their stakes in BLTE. Darwin Global Management Ltd. bought a new stake in Belite Bio during the fourth quarter valued at $486,915,000. RA Capital Management L.P. acquired a new stake in Belite Bio during the 3rd quarter worth about $64,750,000. RTW Investments LP raised its position in shares of Belite Bio by 128.9% in the 4th quarter. RTW Investments LP now owns 715,332 shares of the company’s stock worth $114,425,000 after acquiring an additional 402,832 shares in the last quarter. Millennium Management LLC raised its position in shares of Belite Bio by 2,594.6% in the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock worth $89,399,000 after acquiring an additional 538,141 shares in the last quarter. Finally, Perceptive Advisors LLC lifted its stake in shares of Belite Bio by 732.0% in the 4th quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock valued at $66,262,000 after purchasing an additional 364,451 shares during the period. 0.53% of the stock is currently owned by institutional investors.

Belite Bio Trading Up 0.8%

NASDAQ BLTE opened at $165.38 on Tuesday. The firm has a market capitalization of $6.51 billion, a price-to-earnings ratio of -71.90 and a beta of -1.46. The firm’s 50 day simple moving average is $171.33 and its 200 day simple moving average is $130.15. Belite Bio has a 1 year low of $49.00 and a 1 year high of $200.00.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.18. On average, equities research analysts forecast that Belite Bio will post -1.17 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald boosted their price objective on Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Wall Street Zen upgraded Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. HC Wainwright lifted their price target on Belite Bio from $185.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Needham & Company LLC set a $217.00 price target on Belite Bio in a research note on Tuesday, March 3rd. Finally, Morgan Stanley upped their price objective on Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $202.33.

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.