Short Interest in Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Grows By 25.1%

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) saw a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 990,833 shares, an increase of 25.1% from the February 26th total of 792,323 shares. Currently, 2.9% of the company’s shares are short sold. Based on an average daily volume of 187,136 shares, the short-interest ratio is presently 5.3 days.

Institutional Investors Weigh In On Belite Bio

Several institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd grew its stake 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 purchasing an additional 282 shares during the period. Bank of America Corp DE increased its holdings in Belite Bio by 28.1% in the third 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 Belite Bio in the fourth quarter valued at approximately $103,000. Persistent Asset Partners Ltd acquired a new position in Belite Bio in the fourth quarter valued at approximately $108,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after buying an additional 176 shares in the last quarter. Institutional investors own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

BLTE has been the subject of a number of recent research reports. Bank of America assumed coverage on Belite Bio in a report on Monday, January 26th. They issued a “buy” rating and a $195.00 price objective for the company. Cantor Fitzgerald lifted their target price on Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Tuesday, March 3rd. Wall Street Zen downgraded Belite Bio from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. Finally, Maxim Group set a $200.00 price objective on Belite Bio in a research note on Tuesday, December 2nd. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.33.

Belite Bio Price Performance

BLTE opened at $152.07 on Monday. Belite Bio has a twelve month low of $49.00 and a twelve month high of $200.00. The company has a fifty day moving average of $170.90 and a 200-day moving average of $135.85. The stock has a market cap of $5.98 billion, a PE ratio of -66.12 and a beta of -1.46.

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 the consensus estimate of ($0.56) by $0.18. Sell-side analysts anticipate that Belite Bio will post -1.17 EPS for the current fiscal year.

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.