Belite Bio (NASDAQ:BLTE) Sets New 12-Month High – Still a Buy?

Belite Bio, Inc (NASDAQ:BLTE)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $54.39 and last traded at $54.24, with a volume of 19327 shares changing hands. The stock had previously closed at $53.92.

Analyst Ratings Changes

A number of research analysts have issued reports on BLTE shares. Benchmark reissued a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a research note on Thursday, June 20th. Finally, HC Wainwright reissued a “buy” rating and set a $60.00 target price on shares of Belite Bio in a research note on Thursday, September 12th.

Belite Bio Stock Performance

The business’s 50 day moving average price is $48.72 and its two-hundred day moving average price is $45.95. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -45.69 and a beta of -1.50.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). On average, sell-side analysts expect that Belite Bio, Inc will post -1.19 earnings per share for the current year.

Institutional Trading of Belite Bio

A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC increased its position in shares of Belite Bio, Inc (NASDAQ:BLTE) by 103.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 871 shares of the company’s stock after acquiring an additional 443 shares during the quarter. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 as of its most recent SEC filing. 0.53% of the stock is currently owned by institutional investors.

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.