Belite Bio (NASDAQ:BLTE) Reaches New 1-Year High – Here’s What Happened

Belite Bio, Inc (NASDAQ:BLTE) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $54.39 and last traded at $54.24, with a volume of 19327 shares. The stock had previously closed at $53.92.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a report on Thursday, June 20th. Benchmark reissued a “buy” rating and issued a $57.00 price objective on shares of Belite Bio in a report on Tuesday, August 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $60.00 target price on shares of Belite Bio in a report on Thursday, September 12th.

Belite Bio Stock Performance

The company has a market capitalization of $1.65 billion, a PE ratio of -46.88 and a beta of -1.50. The stock has a fifty day moving average of $48.97 and a 200 day moving average of $46.08.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Friday, August 9th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.03). As a group, equities analysts predict that Belite Bio, Inc will post -1.19 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

An institutional investor recently raised its position in Belite Bio stock. GAMMA Investing LLC grew its position in Belite Bio, Inc (NASDAQ:BLTE) by 103.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 871 shares of the company’s stock after acquiring an additional 443 shares during the quarter. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 0.53% of the stock is currently owned by hedge funds and other institutional investors.

About Belite Bio

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.