Belite Bio (NASDAQ:BLTE) Shares Up 5.4% – Still a Buy?

Belite Bio, Inc (NASDAQ:BLTE)’s stock price was up 5.4% during mid-day trading on Friday . The stock traded as high as $54.62 and last traded at $55.92. Approximately 9,644 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 42,708 shares. The stock had previously closed at $53.04.

Analyst Ratings Changes

A number of research analysts have recently commented on BLTE shares. Maxim Group boosted their target price on shares of Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. HC Wainwright upped their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Belite Bio Stock Performance

The company has a market capitalization of $1.72 billion, a PE ratio of -50.15 and a beta of -1.56. The company has a 50 day moving average price of $66.78 and a 200 day moving average price of $57.21.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same quarter in the prior year, the company posted ($0.40) earnings per share. On average, equities analysts forecast that Belite Bio, Inc will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds have recently added to or reduced their stakes in the business. Armistice Capital LLC bought a new position in shares of Belite Bio in the 2nd quarter worth about $6,761,000. State Street Corp lifted its holdings in Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the last quarter. GAMMA Investing LLC boosted its stake in Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after acquiring an additional 419 shares during the period. XTX Topco Ltd bought a new position in shares of Belite Bio during the third quarter valued at approximately $253,000. Finally, JPMorgan Chase & Co. raised its position in shares of Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after purchasing an additional 6,268 shares during the period. 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.