Belite Bio (NASDAQ:BLTE) Reaches New 12-Month High – Here’s Why

by · The Markets Daily

Belite Bio, Inc (NASDAQ:BLTE – Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $71.79 and last traded at $71.35, with a volume of 23984 shares. The stock had previously closed at $70.10.

Analyst Ratings Changes

BLTE has been the topic of a number of research reports. Benchmark reiterated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th. HC Wainwright reiterated a “buy” rating and issued a $60.00 price objective on shares of Belite Bio in a research report on Thursday, September 12th.

Check Out Our Latest Analysis on Belite Bio

Belite Bio Stock Up 15.7 %

The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of -65.22 and a beta of -1.60. The company’s fifty day moving average is $53.93 and its two-hundred day moving average is $49.25.

Belite Bio (NASDAQ:BLTE – Get Free Report) last issued its earnings results on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). On average, equities research analysts expect that Belite Bio, Inc will post -1.19 EPS for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC raised its stake in Belite Bio, Inc (NASDAQ:BLTE – Free Report) by 103.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 871 shares of the company’s stock after acquiring an additional 443 shares during the quarter. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 at the end of the most recent reporting period. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Belite Bio Company Profile

(Get Free Report)

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.

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