Belite Bio (NASDAQ:BLTE) Stock Price Up 7.8% - Should You Buy?

Shares of Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) were up 7.8% on Tuesday . The stock traded as high as $57.00 and last traded at $57.99. Approximately 10,205 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 38,013 shares. The stock had previously closed at $53.80.

Analyst Ratings Changes

Several research analysts recently weighed in on BLTE shares. Benchmark boosted their price objective on shares of Belite Bio from $57.00 to $79.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. HC Wainwright upped their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Finally, Maxim Group upped their target price on shares of Belite Bio from $60.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, November 15th.

Belite Bio Stock Performance

The firm's 50-day simple moving average is $59.48 and its 200 day simple moving average is $58.62. The company has a market cap of $1.73 billion, a P/E ratio of -50.45 and a beta of -1.59.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its quarterly 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 last year, the business posted ($0.40) earnings per share. As a group, research analysts forecast that Belite Bio, Inc will post -1.17 earnings per share for the current year.

Hedge Funds Weigh In On Belite Bio

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp grew its holdings 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. JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock valued at $924,000 after buying an additional 8,280 shares during the period. XTX Topco Ltd grew its holdings in shares of Belite Bio by 30.9% in the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock valued at $446,000 after buying an additional 1,668 shares during the period. GAMMA Investing LLC grew its holdings in shares of Belite Bio by 48.1% in the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company's stock valued at $81,000 after buying an additional 419 shares during the period. Finally, Advisors Preferred LLC acquired a new position in Belite Bio in the 4th quarter worth $52,000. Institutional investors and hedge funds 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.