Belite Bio, Inc (NASDAQ:BLTE - Get Free Report)'s share price shot up 4% during trading on Wednesday . The company traded as high as $62.50 and last traded at $62.32. 46,819 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 49,419 shares. The stock had previously closed at $59.95.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the company. Benchmark reissued a "buy" rating and set a $57.00 price target on shares of Belite Bio in a research note on Tuesday, August 13th. HC Wainwright reissued a "buy" rating and set a $60.00 price target on shares of Belite Bio in a research note on Thursday, September 12th.
View Our Latest Report on BLTE
Belite Bio Trading Up 8.4 %
The stock has a market capitalization of $1.94 billion, a P/E ratio of -53.99 and a beta of -1.50. The stock has a 50 day moving average of $50.35 and a 200-day moving average of $47.12.
Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.03). Research analysts anticipate that Belite Bio, Inc will post -1.19 EPS for the current year.
Institutional Investors Weigh In On Belite Bio
A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC raised its position in shares of Belite Bio, Inc (NASDAQ:BLTE - Free Report) by 103.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 871 shares of the company's stock after purchasing an additional 443 shares during the period. GAMMA Investing LLC's holdings in Belite Bio were worth $41,000 as of its most recent filing with the Securities & Exchange Commission. 0.53% of the stock is 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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