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

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $64.81, but opened at $70.90. Belite Bio shares last traded at $72.27, with a volume of 35,175 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BLTE. HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price target on shares of Belite Bio in a report on Thursday, May 15th. Benchmark reissued a "buy" rating and issued a $80.00 price target on shares of Belite Bio in a research note on Wednesday, March 26th. Wall Street Zen lowered Belite Bio from a "hold" rating to a "sell" rating in a research note on Thursday. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Belite Bio in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $96.67.

Belite Bio Stock Performance

The stock has a market cap of $1.94 billion, a P/E ratio of -54.95 and a beta of -1.48. The firm has a 50-day moving average price of $61.42 and a 200-day moving average price of $62.68.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings results on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). On average, research analysts predict that Belite Bio, Inc will post -1.17 earnings per share for the current year.

Institutional Investors Weigh In On Belite Bio

Several large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its position in Belite Bio by 7,122.7% during the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company's stock valued at $298,000 after acquiring an additional 6,268 shares during the last quarter. Advisors Preferred LLC purchased a new position in Belite Bio in the 4th quarter worth approximately $52,000. XTX Topco Ltd lifted its holdings in shares of Belite Bio by 30.9% in the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock worth $446,000 after buying an additional 1,668 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Belite Bio during the 1st quarter valued at about $5,538,000. Finally, GAMMA Investing LLC grew its holdings in Belite Bio by 43.3% during the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock valued at $122,000 after buying an additional 559 shares in the last quarter. 0.53% of the stock is currently owned by 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.