Belite Bio (NASDAQ:BLTE) Shares Gap Up After Analyst Upgrade

Belite Bio, Inc (NASDAQ:BLTE)’s share price gapped up before the market opened on Wednesday after Benchmark raised their price target on the stock from $57.00 to $79.00. The stock had previously closed at $58.22, but opened at $60.91. Benchmark currently has a buy rating on the stock. Belite Bio shares last traded at $59.61, with a volume of 10,582 shares.

BLTE has been the topic of a number of other research reports. HC Wainwright raised their price objective on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Maxim Group lifted their price objective on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

Institutional Trading of Belite Bio

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its stake in shares of 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 purchasing an additional 443 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Belite Bio during the third quarter valued at approximately $253,000. JPMorgan Chase & Co. increased its position in shares of Belite Bio by 7,122.7% during the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after acquiring an additional 6,268 shares in the last quarter. State Street Corp raised its holdings in Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the last quarter. Finally, Armistice Capital LLC bought a new position in Belite Bio in the 2nd quarter valued at approximately $6,761,000. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Belite Bio Stock Performance

The firm has a market capitalization of $1.82 billion, a P/E ratio of -53.07 and a beta of -1.56. The firm has a 50-day moving average of $64.91 and a 200-day moving average of $57.62.

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

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.