Belite Bio (NASDAQ:BLTE) Trading Up 4% – Time to Buy?

Shares of Belite Bio, Inc (NASDAQ:BLTE) were up 4% during mid-day trading on Wednesday . The company traded as high as $62.50 and last traded at $62.32. Approximately 46,819 shares changed hands during trading, a decline of 5% from the average daily volume of 49,419 shares. The stock had previously closed at $59.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BLTE shares. HC Wainwright restated a “buy” rating and set a $60.00 price objective on shares of Belite Bio in a research report on Thursday, September 12th. Benchmark reiterated a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a report on Tuesday, August 13th.

Belite Bio Trading Up 0.5 %

The firm has a market cap of $1.99 billion, a P/E ratio of -56.44 and a beta of -1.50. The firm has a 50-day simple moving average of $50.99 and a 200-day simple moving average of $47.37.

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

Institutional Trading of Belite Bio

A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC grew its stake in Belite Bio, Inc (NASDAQ:BLTE) by 103.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 871 shares of the company’s stock after purchasing an additional 443 shares during the period. 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 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.