Belite Bio (NASDAQ:BLTE) Trading 6.7% Higher

Belite Bio, Inc (NASDAQ:BLTE)’s stock price was up 6.7% during mid-day trading on Thursday . The company traded as high as $34.49 and last traded at $34.49. Approximately 10,316 shares traded hands during trading, a decline of 83% from the average daily volume of 60,011 shares. The stock had previously closed at $32.33.

Analyst Ratings Changes

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

Belite Bio Stock Down 3.4 %

The firm has a 50-day moving average price of $42.39 and a 200 day moving average price of $41.29. The firm has a market capitalization of $974.48 million, a PE ratio of -26.96 and a beta of -1.62.

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

Institutional Trading of Belite Bio

Hedge funds have recently made changes to their positions in the business. Armistice Capital LLC purchased a new stake in Belite Bio during the 4th quarter worth approximately $1,647,000. Cubist Systematic Strategies LLC acquired a new position in shares of Belite Bio in the fourth quarter worth $772,000. Alps Advisors Inc. acquired a new position in shares of Belite Bio in the fourth quarter worth $492,000. State Street Corp purchased a new stake in shares of Belite Bio during the third quarter worth $359,000. Finally, Millennium Management LLC acquired a new stake in shares of Belite Bio in the second quarter valued at $280,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.