Belite Bio (NASDAQ:BLTE) Trading 5.4% Higher - Here's Why

Shares of Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) rose 5.4% during mid-day trading on Friday . The company traded as high as $54.62 and last traded at $55.92. Approximately 9,644 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 42,708 shares. The stock had previously closed at $53.04.

Analysts Set New Price Targets

BLTE has been the subject of a number of research reports. Maxim Group increased 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. HC Wainwright increased 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.

Belite Bio Price Performance

The stock's 50 day simple moving average is $66.29 and its two-hundred day simple moving average is $57.28. The firm has a market cap of $1.74 billion, a P/E ratio of -50.64 and a beta of -1.56.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts' consensus estimates of ($0.30) by $0.02. During the same quarter in the prior year, the company posted ($0.40) EPS. Equities research analysts anticipate that Belite Bio, Inc will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Belite Bio

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its position 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 acquiring an additional 443 shares in the last quarter. XTX Topco Ltd bought a new stake 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 increased its position in shares of Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company's stock valued at $942,000 after acquiring an additional 4,415 shares in the last quarter. Finally, Armistice Capital LLC bought a new stake in shares of Belite Bio during the second quarter valued at approximately $6,761,000. Institutional investors own 0.53% of the company's stock.

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.