Belite Bio (NASDAQ:BLTE) Trading Up 7.8% – Here’s What Happened

Belite Bio, Inc (NASDAQ:BLTE) shares traded up 7.8% during mid-day trading on Tuesday . The company traded as high as $57.00 and last traded at $57.99. 10,205 shares were traded during mid-day trading, a decline of 73% from the average session volume of 38,013 shares. The stock had previously closed at $53.80.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Maxim Group increased 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. HC Wainwright raised their target price 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. Finally, Benchmark raised their target price on shares of Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, January 21st.

Belite Bio Stock Up 6.3 %

The firm has a market capitalization of $1.77 billion, a PE ratio of -51.26 and a beta of -1.59. The business’s fifty day moving average price is $60.41 and its 200 day moving average price is $58.49.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same quarter last year, the firm earned ($0.40) earnings per share. As a group, sell-side analysts forecast that Belite Bio, Inc will post -1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BLTE. GAMMA Investing LLC lifted its position 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. State Street Corp increased its stake in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Belite Bio in the third quarter worth $253,000. JPMorgan Chase & Co. increased its stake 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 worth $298,000 after buying an additional 6,268 shares during the last quarter. Finally, Advisors Preferred LLC bought a new stake in shares of Belite Bio in the fourth quarter worth $52,000. 0.53% of the stock is 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.