Belite Bio (NASDAQ:BLTE) Shares Gap Up - Still a Buy?

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $64.50, but opened at $66.58. Belite Bio shares last traded at $65.18, with a volume of 2,923 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently commented on BLTE shares. Cantor Fitzgerald reiterated an "overweight" rating on shares of Belite Bio in a research note on Tuesday, March 18th. HC Wainwright reissued a "buy" rating and issued a $100.00 target price on shares of Belite Bio in a research report on Tuesday, March 18th. Finally, Benchmark reaffirmed a "buy" rating and set a $80.00 price target on shares of Belite Bio in a research note on Wednesday.

Belite Bio Stock Down 0.2 %

The business has a 50 day moving average price of $60.60 and a 200-day moving average price of $61.53. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -60.09 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.02). Research analysts anticipate that Belite Bio, Inc will post -1.17 earnings per share for the current fiscal year.

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Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently modified their holdings of BLTE. State Street Corp increased its stake in shares of Belite Bio by 28.2% in the third 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 period. Bank of America Corp DE grew its stake in shares of Belite Bio by 36.4% in the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after purchasing an additional 4,891 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Belite Bio by 130.3% during the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock valued at $924,000 after purchasing an additional 8,280 shares in the last quarter. XTX Topco Ltd lifted its holdings in Belite Bio by 30.9% in the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock worth $446,000 after purchasing an additional 1,668 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in Belite Bio in the 4th quarter valued at about $155,000. 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.