Belite Bio (NASDAQ:BLTE) Shares Up 13.1% – Here’s Why

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) were up 13.1% during mid-day trading on Monday . The stock traded as high as $144.99 and last traded at $136.3910. Approximately 67,361 shares changed hands during mid-day trading, an increase of 28% from the average daily volume of 52,763 shares. The stock had previously closed at $120.56.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Benchmark increased their target price on shares of Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. HC Wainwright reduced their target price on Belite Bio from $100.00 to $98.00 and set a “buy” rating for the company in a research note on Monday, September 15th. Finally, Cantor Fitzgerald began coverage on shares of Belite Bio in a research note on Monday. They set an “overweight” rating and a $154.00 price target for the company. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $122.25.

Belite Bio Trading Up 1.3%

The stock has a market capitalization of $4.52 billion, a P/E ratio of -68.02 and a beta of -1.42. The stock’s fifty day moving average price is $93.41 and its two-hundred day moving average price is $74.06.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Monday, November 10th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.12). As a group, analysts expect that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its position in Belite Bio by 28.1% in the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after buying an additional 257 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after acquiring an additional 176 shares during the last quarter. EverSource Wealth Advisors LLC bought a new position in Belite Bio during the second quarter valued at $147,000. Ameriprise Financial Inc. purchased a new position in Belite Bio in the third quarter worth about $224,000. Finally, BNP Paribas Financial Markets purchased a new position in shares of Belite Bio in the 2nd quarter worth approximately $190,000. 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.