Belite Bio (NASDAQ:BLTE) Shares Gap Up – Here’s Why

Belite Bio, Inc (NASDAQ:BLTE) 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.

Analyst Upgrades and Downgrades

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

Belite Bio Stock Performance

The company’s fifty day moving average is $60.39 and its two-hundred day moving average is $61.32. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -60.22 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). On average, sell-side analysts anticipate that Belite Bio, Inc will post -1.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Several institutional investors and hedge funds have recently modified their holdings of BLTE. GAMMA Investing LLC grew its holdings in Belite Bio by 48.1% during the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after acquiring an additional 419 shares during the period. Advisors Preferred LLC acquired a new stake in shares of Belite Bio during the 4th quarter worth approximately $52,000. XTX Topco Ltd increased its holdings in shares of Belite Bio by 30.9% during the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock valued at $446,000 after purchasing an additional 1,668 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Belite Bio in the 4th quarter valued at $155,000. Finally, State Street Corp boosted its holdings in Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares in the last quarter. Institutional investors and hedge funds 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.