Belite Bio (NASDAQ:BLTE) Trading Up 7.8% – Here’s What Happened

Belite Bio, Inc (NASDAQ:BLTE)’s stock price rose 7.8% during trading on Tuesday . The company traded as high as $57.00 and last traded at $57.99. Approximately 10,205 shares traded hands during trading, a decline of 73% from the average daily volume of 38,013 shares. The stock had previously closed at $53.80.

Analyst Ratings Changes

BLTE has been the subject of a number of analyst reports. Benchmark increased their target price on shares of Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. HC Wainwright increased their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Maxim Group increased their target price on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th.

Belite Bio Price Performance

The stock’s fifty day simple moving average is $60.41 and its 200-day simple moving average is $58.49. The firm has a market cap of $1.77 billion, a PE ratio of -51.26 and a beta of -1.59.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. Analysts expect that Belite Bio, Inc will post -1.17 earnings per share for the current year.

Institutional Trading of Belite Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in BLTE. JPMorgan Chase & Co. increased its stake in shares of Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring an additional 6,268 shares during the period. XTX Topco Ltd acquired a new stake in shares of Belite Bio in the third quarter worth $253,000. State Street Corp increased its stake in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the period. Advisors Preferred LLC acquired a new stake in shares of Belite Bio in the fourth quarter worth $52,000. Finally, GAMMA Investing LLC increased its stake in shares of Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 443 shares during the period. Institutional investors and hedge funds own 0.53% of the company’s stock.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company’s lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.