Belite Bio (NASDAQ:BLTE) Shares Gap Up - Should You Buy?

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.

Analysts Set New Price Targets

BLTE has been the subject of a number of recent analyst reports. Cantor Fitzgerald restated an "overweight" rating on shares of Belite Bio in a report on Thursday, May 15th. Wall Street Zen cut Belite Bio from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, HC Wainwright restated a "buy" rating and set a $100.00 price objective on shares of Belite Bio in a report on Thursday, July 3rd. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $96.67.

Belite Bio Price Performance

The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -43.77 and a beta of -1.50. The firm has a fifty day moving average of $63.90 and a 200 day moving average of $62.43.

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

Institutional Trading of Belite Bio

Several hedge funds and other institutional investors have recently bought and sold shares of BLTE. BNP Paribas Financial Markets acquired a new stake in Belite Bio during the fourth quarter worth about $155,000. Bank of America Corp DE grew its holdings in Belite Bio by 36.4% in the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after purchasing an additional 4,891 shares during the period. GAMMA Investing LLC grew its holdings in Belite Bio by 9,391.6% in the first quarter. GAMMA Investing LLC now owns 122,441 shares of the company's stock valued at $8,108,000 after purchasing an additional 121,151 shares during the period. Alyeska Investment Group L.P. acquired a new stake in Belite Bio in the first quarter valued at approximately $5,538,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in Belite Bio in the second quarter valued at approximately $147,000. 0.53% of the stock is owned by institutional investors and hedge funds.

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.

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