Shares of Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) gapped up prior to trading 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.
Analysts Set New Price Targets
Several brokerages have commented on BLTE. Benchmark reiterated a "buy" rating and issued a $57.00 price target on shares of Belite Bio in a research note on Tuesday, August 13th. HC Wainwright boosted their price target on shares of Belite Bio from $60.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Finally, Maxim Group boosted their price target on shares of Belite Bio from $60.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, November 15th.
Read Our Latest Stock Analysis on BLTE
Belite Bio Trading Up 14.4 %
The firm's 50-day moving average price is $66.44 and its 200-day moving average price is $54.61.
Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its 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 quarter in the previous year, the firm earned ($0.40) EPS. As a group, sell-side analysts anticipate that Belite Bio, Inc will post -1.21 earnings per share for the current fiscal year.
Institutional Trading of Belite Bio
Several hedge funds have recently made changes to their positions in BLTE. Armistice Capital LLC bought a new position in Belite Bio during the 2nd quarter valued at about $6,761,000. GAMMA Investing LLC grew its holdings in Belite Bio by 103.5% during the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company's stock valued at $41,000 after purchasing an additional 443 shares during the last quarter. State Street Corp grew its holdings in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company's stock valued at $942,000 after purchasing an additional 4,415 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Belite Bio during the 3rd quarter valued at about $253,000. 0.53% of the stock is currently owned by hedge funds and other institutional investors.
About Belite Bio
(
Get Free Report)
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.
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