Belite Bio (NASDAQ:BLTE) Stock Price Up 9.2% – What’s Next?

Belite Bio, Inc (NASDAQ:BLTE)’s share price was up 9.2% during trading on Thursday . The stock traded as high as $66.12 and last traded at $66.12. Approximately 87,002 shares traded hands during mid-day trading, an increase of 70% from the average daily volume of 51,055 shares. The stock had previously closed at $60.55.

Wall Street Analyst Weigh In

Several analysts have commented on BLTE shares. Benchmark reissued a “buy” rating and issued a $57.00 price objective on shares of Belite Bio in a report on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and set a $60.00 target price on shares of Belite Bio in a research note on Thursday, September 12th.

Belite Bio Stock Performance

The company has a market cap of $2.14 billion, a price-to-earnings ratio of -56.83 and a beta of -1.50. The stock’s fifty day simple moving average is $53.10 and its two-hundred day simple moving average is $48.55.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). Analysts predict that Belite Bio, Inc will post -1.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Belite Bio stock. GAMMA Investing LLC raised its position in shares of Belite Bio, Inc (NASDAQ:BLTE) by 103.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 SEC filing. Hedge funds and other 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.