Belite Bio (NASDAQ:BLTE) Trading 5.4% Higher – Here’s Why

Belite Bio, Inc (NASDAQ:BLTE)’s stock price rose 5.4% on Friday . The stock traded as high as $54.62 and last traded at $55.92. Approximately 9,644 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 42,708 shares. The stock had previously closed at $53.04.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on BLTE shares. HC Wainwright boosted 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. Maxim Group boosted their price objective on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

Belite Bio Price Performance

The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -50.15 and a beta of -1.56. The firm’s fifty day moving average is $66.78 and its two-hundred day moving average is $57.21.

Belite Bio (NASDAQ:BLTE) last posted 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 quarter in the prior year, the firm earned ($0.40) earnings per share. On average, equities analysts forecast that Belite Bio, Inc will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Several hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 443 shares in the last quarter. XTX Topco Ltd acquired a new stake in Belite Bio in the 3rd quarter valued at about $253,000. JPMorgan Chase & Co. lifted its stake in 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 purchasing an additional 6,268 shares during the last quarter. State Street Corp boosted 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 acquiring an additional 4,415 shares in the last quarter. Finally, Armistice Capital LLC acquired a new position in shares of Belite Bio in the 2nd quarter valued at $6,761,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.