Belite Bio (NASDAQ:BLTE) Shares Up 6.7%

Belite Bio, Inc (NASDAQ:BLTE)’s stock price shot up 6.7% on Thursday . The company traded as high as $34.49 and last traded at $34.49. 10,316 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 60,011 shares. The stock had previously closed at $32.33.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and set a $59.00 price objective on shares of Belite Bio in a research note on Friday, March 22nd. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Belite Bio has an average rating of “Buy” and a consensus price target of $44.83.

Belite Bio Price Performance

The stock has a market cap of $974.48 million, a price-to-earnings ratio of -26.96 and a beta of -1.62. The company’s fifty day moving average price is $42.39 and its 200-day moving average price is $41.29.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 11th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.11. On average, sell-side analysts forecast that Belite Bio, Inc will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Several hedge funds have recently made changes to their positions in BLTE. UBS Group AG grew its stake in Belite Bio by 194.3% during the 3rd quarter. UBS Group AG now owns 883 shares of the company’s stock valued at $28,000 after purchasing an additional 583 shares during the last quarter. State Street Corp boosted its position in Belite Bio by 5.9% in the first quarter. State Street Corp now owns 12,464 shares of the company’s stock valued at $362,000 after buying an additional 696 shares during the last quarter. Virtus ETF Advisers LLC purchased a new stake in Belite Bio in the fourth quarter valued at approximately $96,000. Jump Financial LLC acquired a new position in Belite Bio in the 4th quarter worth approximately $238,000. Finally, Point72 Asset Management L.P. purchased a new position in Belite Bio during the 4th quarter worth approximately $352,000. 0.53% of the stock is owned by institutional investors and hedge funds.

About Belite Bio

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.