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

Shares of Belite Bio, Inc (NASDAQ:BLTE) gapped up before the market opened on Wednesday . The stock had previously closed at $64.50, but opened at $66.58. Belite Bio shares last traded at $65.18, with a volume of 2,923 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BLTE. HC Wainwright reiterated a “buy” rating and issued a $100.00 target price on shares of Belite Bio in a report on Tuesday, March 18th. Benchmark reaffirmed a “buy” rating and set a $80.00 price objective on shares of Belite Bio in a research note on Wednesday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a research note on Tuesday, March 18th.

Belite Bio Trading Up 2.5 %

The stock has a 50 day moving average of $60.39 and a 200-day moving average of $61.32. The stock has a market capitalization of $2.13 billion, a P/E ratio of -60.22 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last issued its earnings results on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Research analysts anticipate that Belite Bio, Inc will post -1.17 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

A number of institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in Belite Bio by 130.3% in the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock worth $924,000 after purchasing an additional 8,280 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Belite Bio during the 3rd quarter worth $253,000. Bank of America Corp DE grew its position in shares of Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after buying an additional 4,891 shares in the last quarter. State Street Corp raised its holdings in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after acquiring an additional 4,415 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Belite Bio in the fourth quarter worth about $155,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

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.