Belite Bio (NASDAQ:BLTE) Sets New 12-Month High - Here's Why

Key Points

• Belite Bio (NASDAQ:BLTE) reached a new 52-week high of $92.48 during trading, marking significant upward movement from its previous close of $89.36.
• Analysts have varied opinions on the stock; after a rating upgrade to "hold," the average price target is set at $96.00, with four analysts indicating a "buy" rating.
• The company's latest earnings report showed a loss of ($0.50) per share, missing expectations, and analysts forecast an average loss of ($1.17) per share for the current fiscal year.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $92.48 and last traded at $92.22, with a volume of 132743 shares. The stock had previously closed at $89.36.

Analysts Set New Price Targets

BLTE has been the subject of several analyst reports. Wall Street Zen upgraded Belite Bio from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. HC Wainwright decreased their price objective on shares of Belite Bio from $100.00 to $98.00 and set a "buy" rating for the company in a report on Monday, September 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Belite Bio in a report on Wednesday, October 8th. Finally, Zacks Research raised shares of Belite Bio from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 16th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $96.00.

Belite Bio Stock Up 3.2%

The company has a market cap of $2.94 billion, a price-to-earnings ratio of -59.50 and a beta of -1.46. The company's fifty day moving average price is $71.77 and its two-hundred day moving average price is $65.15.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.03). During the same period in the previous year, the business earned ($0.31) EPS. On average, equities research analysts predict that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

A number of large investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in Belite Bio by 43.3% during the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after purchasing an additional 559 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in Belite Bio in the 1st quarter valued at about $5,538,000. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio in the 2nd quarter valued at about $147,000. Marshall Wace LLP acquired a new stake in shares of Belite Bio in the second quarter valued at approximately $547,000. Finally, BNP Paribas Financial Markets acquired a new stake in Belite Bio during the 2nd quarter valued at $190,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.