Belite Bio (NASDAQ:BLTE) Shares Up 4.8% – Still a Buy?

Belite Bio, Inc (NASDAQ:BLTE) traded up 4.8% during trading on Monday . The stock traded as high as $67.00 and last traded at $66.25. 49,229 shares changed hands during trading, a decline of 1% from the average session volume of 49,762 shares. The stock had previously closed at $63.19.

Analyst Ratings Changes

Several research firms recently commented on BLTE. Maxim Group increased their target price on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 15th. HC Wainwright boosted their target price on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Benchmark lifted 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 Performance

The stock has a market capitalization of $2.18 billion, a PE ratio of -61.81 and a beta of -1.54. The business’s 50-day moving average is $58.07 and its two-hundred day moving average is $59.92.

Hedge Funds Weigh In On Belite Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisors Preferred LLC acquired a new stake in shares of Belite Bio in the 4th quarter valued at approximately $52,000. GAMMA Investing LLC lifted its holdings in Belite Bio by 48.1% in the fourth 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 shares of Belite Bio during the 4th quarter worth $155,000. XTX Topco Ltd acquired a new position in shares of Belite Bio during the 3rd quarter worth $253,000. Finally, JPMorgan Chase & Co. boosted its holdings in Belite Bio by 7,122.7% during 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 in the last quarter. 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.