Belite Bio (NASDAQ:BLTE) Trading 6.7% Higher

Belite Bio, Inc (NASDAQ:BLTE) traded up 6.7% during trading on Thursday . The stock traded as high as $34.49 and last traded at $34.49. 10,316 shares changed hands during trading, a decline of 83% from the average session volume of 60,011 shares. The stock had previously closed at $32.33.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating and set a $59.00 price objective on shares of Belite Bio in a research note on Friday, March 22nd. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $44.83.

Belite Bio Price Performance

The firm has a market capitalization of $1.01 billion, a P/E ratio of -27.81 and a beta of -1.62. The firm has a 50-day moving average price of $42.90 and a two-hundred day moving average price of $41.31.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 11th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.11. Sell-side analysts predict that Belite Bio, Inc will post -0.63 earnings per share for the current fiscal year.

Institutional Trading of Belite Bio

Several institutional investors and hedge funds have recently made changes to their positions in the business. Virtus ETF Advisers LLC bought a new stake in shares of Belite Bio in the fourth quarter valued at about $96,000. Point72 Asset Management L.P. bought a new stake in shares of Belite Bio in the fourth quarter valued at about $352,000. Cubist Systematic Strategies LLC bought a new stake in shares of Belite Bio in the fourth quarter valued at about $772,000. Armistice Capital LLC bought a new stake in shares of Belite Bio in the fourth quarter valued at about $1,647,000. Finally, Jump Financial LLC bought a new stake in shares of Belite Bio in the fourth quarter valued at about $238,000. 0.53% of the stock is currently owned by institutional investors.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.