Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Short Interest Up 49.4% in January

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

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently added to or reduced their stakes in BLTE. Caitong International Asset Management Co. Ltd raised its position in Belite Bio by 28,200.0% during the fourth 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 last quarter. Bank of America Corp DE increased its stake in shares of Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after purchasing an additional 257 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Belite Bio during the 4th quarter worth approximately $103,000. GAMMA Investing LLC lifted its stake in Belite Bio by 11.1% in the 3rd 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. Finally, EverSource Wealth Advisors LLC acquired a new stake in Belite Bio during the 2nd quarter valued at $147,000. 0.53% of the stock is owned by institutional investors and hedge funds.

Belite Bio Trading Up 0.4%

Shares of Belite Bio stock opened at $175.26 on Friday. The company has a 50-day moving average of $161.54 and a two-hundred day moving average of $113.11. Belite Bio has a 12-month low of $49.00 and a 12-month high of $200.00. The stock has a market cap of $6.57 billion, a PE ratio of -91.28 and a beta of -1.46.

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BLTE. Benchmark reissued a “buy” rating on shares of Belite Bio in a research note on Wednesday, December 3rd. Bank of America began coverage on shares of Belite Bio in a research note on Monday, January 26th. They set a “buy” rating and a $195.00 price target on the stock. Wall Street Zen cut shares of Belite Bio from a “hold” rating to a “sell” rating in a report on Sunday, January 4th. Cantor Fitzgerald began coverage on Belite Bio in a report on Monday, November 24th. They issued an “overweight” rating and a $154.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $185.00 target price on shares of Belite Bio in a research note on Wednesday, January 28th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Belite Bio has a consensus rating of “Moderate Buy” and an average target price of $179.75.

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.