Belite Bio (NASDAQ:BLTE) Trading Up 4.8% – Should You Buy?

Shares of Belite Bio, Inc (NASDAQ:BLTE) traded up 4.8% during trading on Monday . The stock traded as high as $67.00 and last traded at $66.25. 49,229 shares were traded during mid-day trading, a decline of 1% from the average session volume of 49,762 shares. The stock had previously closed at $63.19.

Analyst Ratings Changes

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

Belite Bio Stock Up 5.5 %

The stock’s 50 day moving average is $57.86 and its 200-day moving average is $59.65. The company has a market cap of $2.12 billion, a PE ratio of -60.08 and a beta of -1.54.

Institutional Trading of Belite Bio

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after acquiring an additional 419 shares in the last quarter. Advisors Preferred LLC bought a new stake in shares of Belite Bio in the 4th quarter valued at approximately $52,000. XTX Topco Ltd boosted its holdings in shares of Belite Bio by 30.9% in the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock worth $446,000 after purchasing an additional 1,668 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Belite Bio in the 4th quarter worth approximately $155,000. Finally, State Street Corp increased its position in shares of Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares during the last quarter. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

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.