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

Belite Bio, Inc (NASDAQ:BLTE)’s stock 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 traded.

A number of other research analysts also recently weighed in on BLTE. HC Wainwright upped their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Maxim Group upped their target price on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 15th.

Hedge Funds Weigh In On Belite Bio

Several institutional investors and hedge funds have recently bought and sold shares of BLTE. GAMMA Investing LLC boosted its position in shares of Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after purchasing an additional 419 shares during the period. State Street Corp boosted its stake in shares of Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after buying an additional 4,415 shares during the period. XTX Topco Ltd acquired a new position in shares of Belite Bio during the third quarter worth about $253,000. JPMorgan Chase & Co. raised its holdings in Belite Bio by 7,122.7% in 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. Finally, Armistice Capital LLC acquired a new position in Belite Bio during the 2nd quarter worth approximately $6,761,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Belite Bio Stock Performance

The company has a market capitalization of $1.87 billion, a PE ratio of -54.41 and a beta of -1.56. The stock’s 50-day simple moving average is $65.38 and its 200 day simple moving average is $57.61.

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