Belite Bio (NASDAQ:BLTE) Shares Gap Up - Here's Why

Key Points

• Belite Bio's shares gapped up from a previous close of $65.74 to open at $69.69, with recent trading at $67.26 and a volume of 9,053 shares.
• The stock has received mixed ratings, with four analysts giving it a Buy rating and an average price target of $96.67, while others have downgraded it to Sell.
• Belite Bio reported an EPS of -$0.50 for its last quarter, missing expectations, while analysts predict the company will report -1.17 EPS for the current year.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $65.74, but opened at $69.69. Belite Bio shares last traded at $67.26, with a volume of 9,053 shares changing hands.

Analysts Set New Price Targets

BLTE has been the subject of several research reports. HC Wainwright reissued a "buy" rating and issued a $100.00 price objective on shares of Belite Bio in a research report on Thursday, July 3rd. Wall Street Zen cut shares of Belite Bio from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $96.67.

Belite Bio Trading Up 1.4%

The firm's 50-day moving average price is $64.83 and its two-hundred day moving average price is $62.72. The stock has a market cap of $2.21 billion, a PE ratio of -44.83 and a beta of -1.50.

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

Institutional Investors Weigh In On Belite Bio

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in shares of Belite Bio by 43.3% in the 1st 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 period. Bank of America Corp DE raised its stake 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 acquiring an additional 4,891 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Belite Bio during the 4th quarter worth approximately $155,000. Alyeska Investment Group L.P. bought a new position in shares of Belite Bio during the 1st quarter worth approximately $5,538,000. Finally, Marshall Wace LLP bought a new position in shares of Belite Bio during the 2nd quarter worth approximately $547,000. Hedge funds and other institutional investors 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.