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

Belite Bio, Inc (NASDAQ:BLTE)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $64.50, but opened at $66.58. Belite Bio shares last traded at $65.18, with a volume of 2,923 shares.

Analyst Upgrades and Downgrades

BLTE has been the subject of several recent analyst reports. Benchmark restated a “buy” rating and set a $80.00 target price on shares of Belite Bio in a research note on Wednesday. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a research report on Tuesday, March 18th. Finally, HC Wainwright restated a “buy” rating and issued a $100.00 price objective on shares of Belite Bio in a research note on Tuesday, March 18th.

Belite Bio Stock Up 1.1 %

The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of -58.72 and a beta of -1.54. The business has a 50-day moving average of $59.91 and a two-hundred day moving average of $61.25.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). Equities analysts predict that Belite Bio, Inc will post -1.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds have recently made changes to their positions in BLTE. State Street Corp boosted its position 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 valued at $942,000 after acquiring an additional 4,415 shares in the last quarter. Bank of America Corp DE lifted its stake in Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after purchasing an additional 4,891 shares during the period. JPMorgan Chase & Co. boosted its holdings in Belite Bio by 130.3% during the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after purchasing an additional 8,280 shares in the last quarter. XTX Topco Ltd grew its stake in shares of Belite Bio by 30.9% in the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock valued at $446,000 after purchasing an additional 1,668 shares during the period. Finally, BNP Paribas Financial Markets acquired a new position in shares of Belite Bio in the 4th quarter worth approximately $155,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.