Belite Bio (NASDAQ:BLTE) Shares Gap Up – Should You Buy?

Belite Bio, Inc (NASDAQ:BLTE)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $55.50, but opened at $59.00. Belite Bio shares last traded at $58.05, with a volume of 26,821 shares traded.

Analyst Ratings Changes

Several analysts have recently commented on the stock. HC Wainwright upped their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Maxim Group upped their price target 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. Finally, Benchmark lifted their price objective on Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st.

Belite Bio Trading Up 5.0 %

The firm’s fifty day moving average price is $58.30 and its two-hundred day moving average price is $59.09. The stock has a market capitalization of $1.86 billion, a PE ratio of -52.51 and a beta of -1.59.

Institutional Investors Weigh In On Belite Bio

Hedge funds have recently modified their holdings of the company. Advisors Preferred LLC acquired a new position in Belite Bio in the 4th quarter worth about $52,000. GAMMA Investing LLC grew its stake in Belite Bio by 48.1% in the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after acquiring an additional 419 shares during the period. BNP Paribas Financial Markets purchased a new stake in Belite Bio in the 4th quarter worth $155,000. XTX Topco Ltd acquired a new position in Belite Bio during the third quarter worth $253,000. Finally, JPMorgan Chase & Co. grew its position in shares of Belite Bio by 7,122.7% in 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 period. 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.