Belite Bio (NASDAQ:BLTE) Shares Gap Up – What’s Next?

Belite Bio, Inc (NASDAQ:BLTE) gapped up before the market opened on Friday . The stock had previously closed at $65.02, but opened at $70.34. Belite Bio shares last traded at $69.87, with a volume of 24,747 shares.

Analyst Ratings Changes

BLTE has been the subject of several research analyst reports. Maxim Group lifted their target price on shares of Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 15th. HC Wainwright boosted their price objective on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Benchmark reiterated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th.

Belite Bio Stock Performance

The business’s 50-day moving average is $66.44 and its 200 day moving average is $54.61.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period in the prior year, the firm earned ($0.40) earnings per share. On average, analysts anticipate that Belite Bio, Inc will post -1.21 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

Several institutional investors and hedge funds have recently bought and sold shares of BLTE. Armistice Capital LLC acquired a new stake in shares of Belite Bio in the 2nd quarter valued at $6,761,000. State Street Corp lifted 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 worth $942,000 after buying an additional 4,415 shares during the last quarter. XTX Topco Ltd acquired a new stake in Belite Bio in the third quarter valued at about $253,000. Finally, GAMMA Investing LLC grew its position in Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 443 shares during the last quarter. Institutional investors own 0.53% of the company’s stock.

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.