Belite Bio (NASDAQ:BLTE) Shares Gap Up Following Analyst Upgrade

Belite Bio, Inc (NASDAQ:BLTE)’s stock price gapped up before the market opened on Wednesday after Benchmark raised their price target on the stock from $57.00 to $79.00. The stock had previously closed at $58.22, but opened at $60.91. Benchmark currently has a buy rating on the stock. Belite Bio shares last traded at $59.61, with a volume of 10,582 shares traded.

Other research analysts also recently issued reports about the company. Maxim Group boosted their price target on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 15th. HC Wainwright upped their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th.

Institutional Trading of Belite Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after purchasing an additional 419 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 7,122.7% during the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after buying an additional 6,268 shares in the last quarter. XTX Topco Ltd acquired a new stake in Belite Bio in the third quarter valued at approximately $253,000. State Street Corp increased its stake 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 worth $942,000 after purchasing an additional 4,415 shares during the last quarter. Finally, Armistice Capital LLC acquired a new position in Belite Bio during the second quarter worth $6,761,000. 0.53% of the stock is currently owned by institutional investors.

Belite Bio Stock Performance

The company has a market cap of $1.87 billion, a P/E ratio of -54.41 and a beta of -1.56. The firm has a 50 day moving average price of $65.38 and a 200-day moving average price of $57.61.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period in the prior year, the company posted ($0.40) earnings per share. On average, sell-side analysts forecast that Belite Bio, Inc will post -1.21 EPS for the current fiscal year.

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.